Investment in Canadian Clean Energy Mirrors Global Trend to Solar Pre-Eminence

Two new reports on investment in clean energy were released in March/April, both showing a global decline in investment levels, and that investment in solar now exceeds wind investment. A report by the United Nations Environment Programme (UNEP) shows a 14% decrease in global investment in renewables in 2013, but even so, renewables attracted $192 billion for new capacity and comprised 43.6% of newly installed generation capacity in 2013. The U.S. continues to rank first among developed economies for investment in renewable energy with $33.9 billion in 2013 – although this represents a 10% decrease, largely attributable to the uncertainty over the continuation of the Wind Tax Credit. Japan, Canada and the United Kingdom were the only G-20 countries in which investment increased. Canada ranked 6th amongst the G-20 countries with $6.4 billion investment, largely in wind energy ($3.6 billion) and solar energy ($2.5 billion) in 2013. See “Six Canadian companies shaping the future of clean energy” (March 27) in Globe and Mail Report on Business Magazine at: http://www.theglobeandmail.com/report-on-business/rob-magazine/six-canadian-clean-energy-companies/article17685931/?page=4. To read the Global survey, see Global Trends in Renewable Energy Investment 2014, produced jointly by the Frankfurt School-UNEP Collaborating Centre, the United Nations Environment Programme (UNEP) and Bloomberg New Energy Finance (BNEF) at: http://www.unep.org/newscentre/Default.aspx?DocumentID=2787&ArticleID=10824&l=en.

A related report was issued by the Pew Charitable Trusts, also utilizing Bloomberg data. Who’s Winning the Clean Energy Race? 2013 Edition contrasts a 16% decline in renewables investment in developed markets of G-20 countries (led by the U.S. and EU) with a growth of 15% in non G-20 countries, led by such countries as Chile and Uruguay. Pew ranks China as the top destination for investors; solar capacity in China increased fourfold in 2013. See Who’s Winning the Clean Energy Race? At: http://www.pewenvironment.org/news-room/press-releases/pew-report-finds-that-global-clean-energy-investment-declined-in-2013-85899543052. See also the U.S. Energy Information Administration’s April 2014 Electricity Monthly Update which shows that U.S. solar capactiy also increased by 418% between 2010 and 2014, as described at: http://cleantechnica.com/2014/04/24/us-solar-energy-capacity-grew-an-astounding-418-from-2010-2014/.

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