Related Links

Related Stories

News

Pew Report: Offshore wind propelled clean energy investment growth in the UK in 2013

The UK wind sector, which increased by nearly 50 percent to $5.9 billion, drove the increase.

The newly released report, "Who's Winning the Clean Energy Race? 2013," examines how nations are faring in the increasingly stiff competition for private funding among the world's leading economies. The primary focus is on investment, which drives innovation, commercialization, manufacturing, and installation of clean energy technologies.  The data were compiled and reviewed by Bloomberg New Energy Finance, Pew Charitable Trusts' clean energy research partner.
 
Following are some highlights of the report :  

In 2013, clean energy investment in the United Kingdom grew by 13 per cent to $12.4 billion, in 2013. The U.K. wind sector, which increased by nearly 50 per cent to $5.9 billion on the strength of offshore projects and expanded activity in public market financing, drove the increase. 

"The United Kingdom's clean energy and climate policy has been in flux in recent years," said Phyllis Cuttino, director of Pew's clean energy program. "However, its abundant offshore wind resources and ongoing commitment to develop the sector helped bolster clean energy investment, enabling the United Kingdom to jump from seventh to fourth among G-20 countries. The U.K. was one of only three G-20 countries — with Canada and Japan — to record investment growth."

Almost 2 GW of wind generating capacity was deployed in the United Kingdom in 2013, including completion of several large offshore projects. In addition, 1.2 GW of solar power was installed, with $2.7 billion invested in the sector. A comprehensive Energy Act was adopted late in 2013. Implementation will begin in 2014, including a system of "Contracts for Difference," which established guaranteed prices for renewable energy suppliers.

The Pew report also found that the United Kingdom's growth was in sharp contrast to clean energy finance in the European region — comprising Europe, the Middle East, and Africa — which slid sharply for the second consecutive year. The European region fell 42 per cent to $55 billion, less than half the region's 2011 record of $115 billion. Investment plunged in once-vibrant markets, with levels down 55 per cent in Germany and 75 per cent in Italy.

Investment in G-20 countries accounted for more than 95 per cent of the global total. Asia-Oceania remained the leading regional and global market based largely on the strength of clean energy investment in China and Japan. China led the G-20, attracting $54.2 billion, with the US in second place at $36.7 billion; Japan was third with $28.6 billion. Globally, clean energy investment fell 11 per cent, to $254 billion, and renewable power generating capacity additions declined by 1 per cent in 2013. Overall, installed clean energy capacity reached 735 GW.


 

Share this article

More services

 

This article is featured in:
Energy efficiency  •  Energy infrastructure  •  Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity  •  Wind power

 

Comment on this article

You must be registered and logged in to leave a comment about this article.