by Shane Henson — August 9, 2013—Global investment in clean energy was $53 billion in the second quarter (Q2) of 2013, up 22 percent from the first quarter, mainly because of an upturn in the financing of wind and solar projects, according to a new report released by Bloomberg New Energy Finance, a provider of insight, data and news on the transformation of the energy sector.
According to the company, the rebound was led by the United States, which saw investment grow 155 percent compared to its first quarter, reaching $9.5 billion. China’s investment was up 63 percent to nearly $14 billion.
Europe saw investment fall 44 percent compared to Q1 2013, reaching $9.5 billion, that continent’s lowest quarter total for more than six years. The downturn in Europe led to a drop in global investment in clean energy in Q2 2013, ending up 16 percent below the figure for Q2 2012, the report said. Overall, the biggest category of investment between April and June 2013 was asset finance of utility-scale projects, such as wind farms and solar parks, with a total investment of nearly $32 billion, up 39 percent on the first quarter but down 21 percent year-on-year.
“These figures are a mixture of sweet and sour. On the sour side, 2013 globally is still running below 2012, which was itself down on the 2011 investment record. And European investment is clearly being hit by cuts in support for renewable energy and by policy uncertainty, notably ahead of the German election in September,” commented Michael Liebreich, chief executive of Bloomberg New Energy Finance.
“On the sweet side,” continued Liebreich, “the United States is back in business following the hiatus that resulted from fears about the possible expiry of the Production Tax Credit for wind at the end of 2012. And the 50 percent rally in clean energy share prices since their lows last summer, with rises of 200 percent or more for Tesla Motors and a clutch of major wind and solar manufacturers, is rekindling—at least for the moment—the appetite of stock market investors for equity raisings.”
