Renewables sink in European crisis
Despite a slight increase, Europe is headed for another weak quarter for clean energy investments, Bloomberg reports, as spending totaled a $10BN, 40% lower than the 2012 Q3 figures. The second quarter of 2013 had seen investments drop to the lowest in more than six years, mainly as a result of cuts in subsidies and retroactive measures, in countries like Germany, Spain and Greece.
Global investments in renewables also fell by 14%, compared to the previous quarter. The underlying reasons are, among others, cheaper natural gas in the U.S. and a reduction in wind power spending in China.
On a brighter side of market developments, analysts at IHS foresee an improvement in the outlook for worldwide PV capital spending in 2014, while UK, Italy and France are determined to drive Europe’s PV recovery after an 18-month downturn, according to research firm NPD Solarbuzz.
Reporting for CrisisWatch: This email address is being protected from spambots. You need JavaScript enabled to view it., Climate & Energy Policy Officer, WWF Greece