Sunday, April 29, 2012

Renewable-Energy Investment Plunges in Quarter to Three-Year Low

Global investment in clean energy dropped to its lowest since the depths of the financial crisis three years ago as the U.S. and European nations cut support for wind and solar projects, Bloomberg New Energy Finance said.

Spending on new wind farms, solar parks and other renewable projects fell to $27 billion in the first quarter, a 28 percent slump from the last three months of 2011 and a 22 percent drop from the same quarter a year earlier, New Energy Finance said today in a statement. That’s the lowest quarterly total since the $20 billion recorded in the first three months of 2009.

The quarterly decline follows a record year in which an estimated $263 billion was poured into renewable energy, according to the London-based research company. The clean-energy industry has been hurt by subsidy cuts in European nations including Spain, Germany and the U.K., and expiring tax credits in the U.S., the biggest market in 2011 for renewables.

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