New figures from Bloomberg New Energy Finance covering the first three quarters of global clean energy investment for 2014 show that the industry is sustaining its year-long recovery after two years of decline, with a 16% lead over the same three quarters a year earlier.
Bloomberg New Energy Finance (BNEF) tracks real-time data transactions and projects, which show that global clean energy investment over the first three quarters of 2014 hit $175.1 billion, leaving Bloomberg to predict that “2014 will produce a bounce-back in dollars invested after two years of decline.”
“It is heartening to see investment heading for an up-year in 2014 after two down-years, thanks in large part to the greatly enhanced competitiveness of solar, and to some extent wind,” said Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance.
“However, there is no room for complacency because clean energy investment of between $200bn and $300bn a year is not large enough to herald the rapid transformation of the power system that experts say is required if the world is to see a peak in CO2 emissions around 2020. There is still too much policy instability holding back investor confidence.”
Chinese solar investment was the highlight of the third quarter for BNEF, with a new record of $12.2 billion, up from $7.5 billion in Q3 2013 and $8 billion in Q2 2014. Bloomberg predicts that China’s solar installations will total between 13 and 14 GW in 2014, which would be nearly a third of the world total.
Japan also showed strong investment figures in Q3, up 17% from the same quarter in 2013 to $8.6 billion, while other countries such as Canada, France, and India also showed strong growth over the quarter.
Bloomberg New Energy Finance’s full figures are available to read here.