Global renewable energy investment rose 22% in the second quarter of 2013 when compared with the first three months, data form Bloomberg reveals.
The Bloomberg study highlights China’s commitment to the Clean Revolution, noting that their renewable investment rose 63% over the last three months to a total of US$13.8 billion.
Similarly South Africa, whose interest in clean energy power was negligible at the beginning of 2013, has placedUS$2.8 billion into sustainable projects in recent months.
In the US, private companies such as electric car manufacturer Tesla Motors, were notable for their increased fundraising efforts. American investment in smart ICTs and renewables soared 155% to reach US$9.5 billion.
American citizens have also expressed their dedication to clean energy; the second quarter saw a jump from US$1.4 billion to US$3.8 billion in public-market investment in renewable companies.
Room for Improvement
Despite this welcome increase in renewable investment for the second quarter, overall progress in 2013 is lower than 2012. While US$53.1 billion was invested in the first half of 2013, this compares to US$63.1 billion that was invested in the corresponding period in 2012. This can be largely attributed to the decline in European spending, particularly by previous leaders such as Germany.
However, German renewable investment still amounted to US$1.9 billion for the quarter.
Michael Liebreich, chief executive of Bloomberg New Energy Finance, observed: “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. On the sweet side, the US 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% rally in clean energy share prices since their lows last summer, with rises of 200% 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.”