Investment in clean energy increased across the globe in the second quarter in 2013, rising 22% on the first three months of the year to $53.1bn (€40.7bn).
Bloomberg New Energy Finance revealed the figures, putting the lift in investment down to a boost in wind and solar projects.
Much of the rebound is down to US investment, which rose 155% to $9.5bn (€7.3bn). China also saw its clean energy financing grow 63% to $13.8bn (€10.6bn) and South Africa increased its investment from practically nothing in the first quarter to $2.8bn (€2.2bn) in the second.
However, Europe, traditionally considered a bastion of clean energy activity, saw its investment drop 44% on the first quarter to $9.5bn (€7.3bn). This is the lowest figure for a quarter in more than six years and ensured that, compared to the same period last year, worldwide investment fell 16%.
Michael Liebreich, chief executive of Bloomberg New Energy Finance, explains that Europe’s poor performance can be attributed to cuts in renewable energy support and uncertainty surrounding certain policy, particularly in Germany where there is a federal election looming this September.
"The US is back in business following the hiatus that resulted from fears about the possible expiry of the Production Tax Credit for wind at the end of 2012," he says.
"And the 50% rally in clean energy share prices since their lows last summer, with rises of 200% or more for Tesla Motors and a clutch of major wind and solar manufacturers, is rekindling – at least for the moment – the appetite of stock market investors for equity raisings."
The biggest area for clean energy investment in quarter two was asset finance of ultility-scale projects, such as wind farms and solar parks. This rose 39% on the first quarter to $31.9bn (€24.5bn).
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