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ePaper created 2014-06-03, 15:03:20 | version 1.30.01
69 03 RENEWABLES 2014 GLOBAL STATUS REPORT 06 The United States, which invested USD 35.8 billion (including R&D), continued to be the largest individual investor among the developed economies. This was despite a decline in investment of nearly 10% in 2013, attributed largely to the impact of low natural gas prices caused by the shale gas boom, and to uncertainty over the continuation of policy support for renewables. U.S. venture capital and private equity investment in renewables fell to just USD 1 billion, the lowest since 2005, indicative of a loss of confidence among early-stage capital providers. However, this decline was offset by a big jump in U.S. public markets investment, from USD 949 million in 2012 to USD 5.3 billion in 2013 (mainly for solar power and biofuels). Japan saw a record increase in renewable energy investment, up 80% from 2012 to USD 28.6 billion, excluding R&D. The largest part of that commitment was for small-scale solar PV projects, as investors sought to capitalise on the generous feed- in tariff that was introduced in 2012. An increase of 76% in 2013, to USD 23 billion, made Japan the top country for investments in small-scale distributed renewables, followed distantly by the United States and Germany. Japan’s asset finance in utility- scale projects nearly doubled, to USD 5.6 billion. The United Kingdom also saw investments rise, by 14%, with the largest component coming from asset financing of utility-scale projects. This was followed by public markets, where a new breed of funds that owns and operates wind and solar power assets raised significant money during the year. In stark contrast to these increases, Germany’s investment declined again in 2013, landing at less than one-third of its 2010 peak (USD 33.7 billion), and bringing it from third to fifth position globally for renewable energy investment. The low investment level in 2013 can be attributed in part to the policy uncertainty faced by investors ahead of the general election in September 2013. However, other factors contributed to the dampened activity levels, including reduced prices of solar PV and a shortage of good quality, unexploited wind sites on land. Canada has been a steady investor in renewable energy in recent years and, in 2013, moved into the list of top 10 countries. Investment increased relative to the period 2007–2012, with most of this from asset finance—principally for large-scale wind and solar PV projects in Ontario. Investment in India in 2013 fell to just under half of the peak total recorded in 2011 (USD 12.5 billion). Almost all of the decline was due to a slowdown in asset finance, which was particularly apparent in the solar power market. However, small-scale project investment increased in 2013 to a record USD 0.4 billion. Beyond the top three countries in Asia, Thailand, Hong Kong, Europe 19.7 29.4 39.1 61.8 73.4 75.3 102.4 114.8 86.4 48.4 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 China 2.4 5.8 10.1 15.8 24.9 37.1 36.7 51.9 59.6 56.3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 60 40 20 6.8 8.2 9.0 10.9 11.4 12.9 20.7 25.3 29.5 43.3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 40 20 Asia and Oceania (excl. China & India) Data include government and corporate R&D 120 100 80 60 40 20 China India Asia and Oceania (excl. China & India) Europe Billion USD Billion USD Billion USD Source: BNEF Data include government and corporate R&D.