Global Renewables Spending Falls 18% As Green Policies Suffer From Brexit-Trump Effect

  • Date: 16/01/17
  • Joe Ryan, The Independent

 Global investments in renewable power dropped the most on record in 2016 as demand in China and Japan faltered.

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Worldwide spending on clean energy fell 18 percent from 2015’s record high to $287.5 billion, according to a report Thursday by Bloomberg New Energy Finance. It was the first decline since 2013 and comes as environmental policies face pressure from populist movements that have fuelled the rise of Donald Trump, the UK Independence Party and others.

Even as spending ebbs, the amount of wind and solar energy connected to power grids around the world continues to surge, gaining 19 percent in 2016, according to New Energy Finance. That’s in part because investors are getting more bang for their buck as competition and technological advances have dramatically reduced prices for photovoltaic panels and wind turbines.

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(Bloomberg)

[…]  Spending in China tumbled 26 percent to $87.8 billion from an all-time high in 2015. The slump comes as China’s electricity demand stagnates and the government reduces subsides for wind and solar power, lowering demand in a market accounting for about one-third of all global clean energy spending.

“China is really the driver of clean energy investment,” Abraham Louw, a New Energy Finance analyst, said in an interview. Spending in Japan slumped 43 percent to $22.8 billion.

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