China accounts for 29% of world’s total renewable energy investment
- 19 January 2015
BEJING: The world’s total investment in clean energy was worth US$310 billion in 2014, dominated by steady growth in China, a new report published by Bloomberg New Energy Finance (BNEF) shows.
Across all countries, the biggest boost in renewable energy investment came from China, where investment in the sector grew by 415% in the last 10 years.
Spending US$89.5 billion last year, China now accounts for almost 29% of the world’s total renewables investment. The country’s constant efforts in developing the sector offer further evidence that renewable energy generates clear benefits for the economy, and attracts the attention of foreign investors.
BNEF’s report also stresses the growth of the sectors where most of the money is flowing into: solar energy in China and the US, and offshore wind energy in Europe, with the UK and Germany leading the group.
“Demand for large-scale solar energy broadened and strengthened last year, and these numbers demonstrate that sector has got momentum behind it,” Ben Ferrari, Director of Corporate Partnerships, The Climate Group stated.
“Also, as today marks the release of the first RE100 briefing and a new stage in this international campaign, this report gives us confidence in reaching 2020 with more than 100 of the world’s most influential businesses going 100% renewable. This campaign is following a path which has already been drawn,” he adds.
Stressing how the 16% rise in the global market of renewables has “beaten the expectations” of BNEF, the report points out the importance of venture capital and private equity investment – that is private funding at the early stages for new companies or start-ups. This investment was worth US$4.8 billion and supported the expansion of several solar installers and financiers in the United States.
Finally, more figures were released today by Bloomberg New Energy Finance concerning green bonds – tax-exempt bonds which are issued to develop sustainability and are often linked to clean energies. The total issuance of these bonds hit a record last year, as US$38 billion were sold, mostly supported by the World Bank.
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By Denise Puca