Investment in the renewable sector looks likely to fall for the first time in eight years as the global figure of $56.6bn injected into clean energy projects in the third quarter was down 5 per cent from the second quarter.
This represents a drop of 20 per cent in investment from the same time in 2011 and reduction in wind farm spending is held to be the chief reason for the decline, with less investment particularly evident in the US and India, according to Bloomberg New Energy Finance.
Bloomberg adds that the industry is suffering from excess capacity that’s driven down prices for solar panels and wind turbines, meaning developers pay less to install each megawatt of capacity.
Governments are also paring support for the industry across the US, India and Europe after a record $280bn was invested in clean and low-carbon technologies in 2011.
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