New funds for wind, solar, biofuels and other low-carbon energy technologies gained 16 percent to $310 billion last year, according to data compiled by Bloomberg New Energy Finance. It was the first growth since 2011, erasing the impact of lower solar-panel prices and falling subsides in the U.S. and Europe that hurt the industry in previous years.
“Healthy investment in clean energy may surprise some commentators, who have been predicting trouble for renewables as a result of the oil price collapse,” said Michael Liebreich, chairman of the advisory board of the London-based researcher. “Our answer is that 2014 was too early to see any noticeable effect on investment. The impact of cheaper crude will be felt much more in road transport than in electricity generation.”
The findings ease concerns that the oil price rout that began in the middle of last year would lead to a sharp reduction in funding for low-carbon energy supplies that are more costly than fossil fuels. The WilderHill New Energy Global Innovation Index tracking 105 clean-energy equities tumbled almost 19 percent since March as oil depressed natural gas in the U.S. and Asia.
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The U.S. boosted its investment 8 percent to $51.8 billion, the most since 2012. Japan, which has become the second-biggest market for solar power, lifted funding for renewables 12 percent to $41.3 billion. In Europe, which led the industry in installations in the first decade of this century, investment grew 1 percent to $66 billion despite funding for offshore wind.
Reflecting a shift away from large, centralized power stations to smaller, local facilities, investment in so-called distributed power swelled 34 percent to $73.5 billion. That will weigh on utilities that are under pressure to replace fossil-fuel or nuclear power stations with more intermittent and smaller low-carbon facilities.
Read more at Clean Energy Investment Jumps 16% on China’s Support for Solar
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