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China and US see drop in renewable investments

In international news, Bloomberg New Energy Finance (BNEF) has reported a scale down in renewable investments from the US and China.

The first quarter of this year has seen a 17% decline in clean energy investment, which according to Bloomberg is in line with last year’s decline.

Renewable investments: wind and solar

“The $53.6 billion funneled into projects such as renewable energy, efficiency and electric cars during the first three months of the year marked the lowest investment for the quarter since 2013.

“A surge in financing for large offshore wind projects at the start of last year wasn’t repeated in 2017,” BNEF reported.

“It was a relatively quiet first quarter for global investment, but it’s too early to assume that 2017 as a whole will be lower than last year,” said Abraham Louw, analyst at BNEF.

Numbers plummet

According to Louw, China saw an 11% drop in investment in the first quarter to $17.2 billion, reflecting a drop in feed-in tariff subsidies and issues with grid curtailment. Read more…

He added that funding in the US dropped 24% to $9.4 billion, which may have been partly driven by further uncertainty about future tax liabilities.

Bloomberg reported that worldwide offshore wind financing fell by 60% to $4.6 billion from $11.5 billion a year ago. The U.K., the world’s biggest offshore wind farm installer, had no new financing in the first three months of the year. Read more…

“With support fizzling out for onshore wind and solar, in recent years offshore wind has propped up clean energy investment in the U.K.,” said Tom Harries, BNEF analyst.


Featured image: 123rf

Ashley Theron
Ashley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa.