Investments in clean energy investment rebounded strongly in 2014, with solar leading the charge because of its great drop in prices, and through a record $19.4 billion in offshore wind projects, calculates Bloomberg New Energy Finance.
Worldwide, $310 billion was invested in clean energy last year, up 16% from 2013, and more than five-fold from 2004.
- up 32% in China to a record $89.5 billion
- up 8% in the US to $51.8 billion
- up 12% in Japan to $41.3 billion
- up 26% in Canada to $9 billion
- up 88% in Brazil to $7.9 billion
- up 14% in India to $7.9 billion
- up 5% in South Africa to $5.5 billion
The EU edged 1% higher to $66 billion, but that includes seven billion dollar offshore wind projects, such as the $3.8 billion, 600 MW Gemini project in the Netherlands – the largest renewable energy project ever in terms of dollars committed – the $2.6 billion, 402 MW Dudgeon project in the UK and the $1.7 billion 350 MW Wikinger project in Germany.
More than half of total investments were in large projects, many of them for solar, such as the $1.1 billion, 250 MW Setouchi Mega PV project in Japan, and the $1 billion, 100 MW Xina Solar One in South Africa.
Amazingly, rooftop solar was the second-largest investment category, up 34% to $73.5 billion. Other leading categories include governmental research and development and smart grid.
Investments in Green Bonds ended the year at $38 billion, growing 2.5 times over 2013.
All this drove record new capacity – 100 GW is now installed worldwide in wind and solar combined.
Australia is Outlier
Investments are down 35% in Australia to just $3.7 billion – the lowest since 2009 – because of the destruction of its leading policies. Australian investors are pursuing opportunities elsewhere, such as Macquarie Capital’s $1 billion stake in an offshore German wind farm.
So far, rooftop solar is still showing strong growth – it’s already on the roof of 20% of the population, according to Australia’s Bureau of Statistics.
After eliminating Australia’s carbon tax, the right-wing administration is currently deciding how much to cut the national Renewable Energy Target. It informed the Clean Energy Finance Corporation that it will cease to exist at the end of June. Initially funded at $10 billion, the country’s Green Bank provides loans to clean energy projects. The Corporation, however, says it will continue on until Parliament passes a law to repeal its authority.
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