Investment in Clean Energy Rises, China Leads Market

Investment in clean energy rose 24 percent to $56.9 billion in the second quarter compared with the first, led by a surge in expenditure in China, reports Bloomberg New Energy Finance.

Green_Lighbulb_ButtonSpending in China jumped 92 percent in the second quarter to $18.3 billion as several large solar photovoltaic parks and wind farms secured hundreds of millions of dollars in financing, New Energy Finance said in a recently e-mailed statement.

China is deemed the most attractive market for renewable energy projects by the consultant Ernst & Young and led the world in wind turbine installations last year, placing third behind Germany and Italy for solar photovoltaic projects. On July 2, it quadrupled its goals for solar plans by 2015.

“These figures underline the pivotal role China is playing in the clean energy sector,” New Energy Finance Chief Executive Officer Michael Liebreich said in the statement. “Its torrent of supply-side investment was one of the main reasons why renewable energy costs have been plummeting; we are now seeing China creating enough demand to start mopping up some of the resulting over-capacity.”

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Source: Alex Morales | Bloomberg