London — Global investment in clean energy fell 6% on year in the third quarter to $67.8 billion with spending for the first nine months now down 2% on the same period a year ago, Bloomberg New Energy Finance (BNEF) said in a quarterly report published Tuesday.
The report comes after the International Energy Agency warned Monday that global renewables growth is currently not large enough to reverse a rebound for global CO2 emissions, which in 2018 it expects to rise for a second year in a row.
The IEA forecasts over 1,000 GW of renewable capacity to be added worldwide between 2018 and 2023, and lifted its forecast for Europe based on new auction announcements and ambitious 2030 climate targets.
According to BNEF, European investment in clean energy rose marginally by 1% to $13.4 billion in the third quarter as declines in Germany and the UK were offset by increased spending in Spain and the Netherlands.
German investment in clean energy projects plunged 49% on year to $1.3 billion, while UK clean energy investment fell 46% to $2.9 billion including $2.6 billion from the FID for the 860 MW Triton Knoll offshore wind project.
Spain registered its highest quarterly investment since 2011, up 11-fold at $1.9 billion, while the Netherlands increased investment fourfold to $1.1 billion, according to BNEF.
China remains the largest investor in clean energy, but total spending was flat at $26.7 billion with solar spending down 23% on year at $14.2 billion, BNEF added.
In its mid-year update, BNEF said global solar installations could fall 2018 for the first time on record after China reduced subsidies for domestic solar projects.
The BNEF data includes equity from IPOs with three Chinese EV firms raising $1.9 billion from their initial public offerings, it said.
Declines were also registered for the United States (down 20% at $11.4 billion) and Japan (down 21% at $4 billion), BNEF said.
The quarterly data does not include investment in energy storage or large hydro projects, which will only be reflected in the annual report.
Last year, global investment in renewable energy rose 3% to $334 billion with $2.5 trillion invested since 2010, BNEF's 2017 report said.
