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Clean Energy Investment Falls by Staff Modern Power Systems, January 14, 2013

Cuts in subsidies are to blame for an 11 per cent fall in clean energy investment in 2012, according to Bloomberg New Energy Finance (BNEF).

Data from BNEF shows that $268.7 billion was invested in the clean energy sector in 2012, down from a record high of $302.3 billion in 2011.

Italy, Spain, India and the USA saw large falls in investment, while investment in China's clean energy sector grew. Other emerging nations in the clean energy sector include South Africa, Kenya, Brazil, Morocco, Chile and South Korea.

BNEF puts the declining figures down to the US and European debt crisis, and drastic cuts in renewable energy subsidies in some industrialised nations.

"The most striking aspect of these figures is that the decline was not bigger given the fierce headwinds the clean energy sector faced," said Michael Liebrich, CEO of BNEF.

Investment fell by 51 per cent in Italy, 68 per cent in Spain, 44 per cent in India and 32 per cent in the USA. Investments fell in all segments of the clean energy sector, with the exception of small hydro, which saw a 17 per cent rise in investment to $7.6 billion.

The solar sector took the largest share of funding, with $142.5 billion, followed by wind at $78.3 billion.