China has overtaken the US as the number one investor in renewable power investment worldwide, regaining a title it relinquished last year.
The Asian powerhouse saw investment in renewables go up 20 per cent on 2011, representing $302.3bn in investment.
President Obama‘s subsidy programme in 2011 had given it the lead the previous year but China’s development of solar power has enabled it to surpass its western rival.
Bloomberg Energy Finance, which compiled the figures, also noted that it wasn’t all good news for the sector. Overall the amount of money put into wind farms, solar parks and other forms of green power worldwide plummeted 11 per cent in 2012, the biggest annual fall in at least eight years.
The fall to $268.7bn from $302.3bn in 2011 has been blamed on regulatory uncertainty and policy changes in the US, Spain, Italy and India.
The International Renewable Energy Agency’s Pilita Clark maintains that falling costs of renewables will see better days ahead.
“Renewables are also increasingly the most economic solution for new grid-connected capacity where good resources are available. As the cost of renewable power drops, the scope of economically viable applications will increase even further.”
South Africa and Japan were noted in the Financial Times for the significant rise in investment, at $5.5bn and $16.3bn respectively, in those two countries.
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