Green energy sources have increased their contribution to the world’s electricity demands – despite a global drop-off in investment, a new survey has found.
International support for renewable energy projects fell 14% in 2013 to £128billion, as the falling cost of solar energy systems party and global uncertainty over renewable energy policies sparked a £21billion decline.
The report by the United Nations Environment Programme and Frankfurt School’s centre for climate and energy finance found that Chinese investment in green projects was higher than Europe’s for the first time ever – despite both continents decreasing spend.
The report’s authors said the findings showed that, despite the dip in investment last year, support for the renewables market continued to be strong.
“A long-term shift in investment over the next few decades towards a cleaner energy portfolio is needed to avoid dangerous climate change, with the energy sector accounting for around two thirds of total greenhouse gas emissions,” said Achim Steiner UN Under-Secretary-General.
“The fact that renewable energy is gaining a bigger share of overall generation globally is encouraging. To support this further, we must re-evaluate investment priorities, shift incentives, build capacity and improve governance structures.”
The report found that a decline in clean energy stocks lasting more than four years had been reversedas many companies in the solar and wind manufacturing chains moved back towards profitability.
Around $35billion was invested in large scale hydro projects, with market equity investment in renewable firms rising to its highest in four years – up 201% to $11billion.
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