Investment in clean energy plunged further in Britain than in any other country last year because of government policy changes, new figures show. The amount companies spent on green energy in the UK rose during the years of the coalition government (2010-2015) but has now fallen for two years in a row under the Conservatives, according to analysis by Bloomberg New Energy Finance (BNEF). While investment in wind, solar and other renewable sources slumped by 56% to $10.3bn (£7.5bn) in the UK, worldwide spending climbed 3% to $333.5bn (£242.4bn), the second-highest level on record. Alan Whitehead, shadow energy minister, said: “The government’s green rhetoric is nothing more than empty promises. Their ideologically-driven policy lurches away from clean solar power and onshore wind has spooked investors. China led the global charge, with investment jumping by nearly a quarter to $132.6bn, a new high. The amount of solar installed in China increased by more than three-quarters on the year before as costs fell. Worldwide, solar took the lion’s share of spending on renewables, at $160.8bn, followed by windfarms. Jon Moore, chief executive of BNEF, said: “The 2017 total is all the more remarkable when you consider that capital costs for the leading technology – solar – continue to fall sharply.” Investment increased by 1% to $56.9bn in the US, the second-biggest market for clean technologies, despite the Trump administration’s efforts to favour coal and nuclear power. However, spending also fell in Germany, Japan, India, Norway, Turkey and Taiwan. The fall of 56% in the UK was the steepest decline, far out-stripping the decrease of 26% for Europe as a whole. Around half of the UK spend, $4.8bn, was a final investment decision by Orsted of Denmark on a single huge offshore windfarm, the Hornsea 2 project off the Yorkshire coast. Another big green energy firm, npower’s parent company, Innogy, said the UK was still an attractive place to invest, but there had been a stop-start approach to support from government.
Guardian 16th Jan 2018 read more »
At an Environmental Audit Committee hearing in Parliament this morning, MPs were told by Bloomberg New Energy Finance (BNEF) that new figures show renewable energy investment in the UK was ‘dramatically lower’ in 2017 compared to 2016. This is the second year running that the UK has seen a drop in renewable energy investment.
Environmental Audit Committee 16th Jan 2018 read more »
China’s insatiable appetite for solar power led to a surprise increase in global clean-energy investment last year even as U.S. President Donald Trump pushed to undermine pollution rules and curbs on coal. About $333.5 billion poured into renewable energy and cutting-edge power technologies, up 3 percent from 2016 and 7 percent short of the record set in 2015, according to Bloomberg New Energy Finance. Almost half went to solar projects, and China’s investment accounted for 40 percent of the total. The figures confounded strong headwinds to further increases in investment. Prices for solar panels and wind turbines are falling rapidly, while the U.S., Germany and Poland were among the countries loosening policies designed to curb the dirtiest fossil fuels. Developers speculating they will reap subsidies in China along with higher spending from Australia to Mexico helped offset declines in longer-established markets across Europe.
Energy Voice 17th Jan 2018 read more »
Business Green 16th Jan 2018 read more »