Global investment in clean energy fell to its lowest level in five years during the first half of 2019, because of a sharp drop in Chinese renewable energy projects, reported the Financial Times.
The change in China’s renewable energy policies last year — when it curbed solar and wind subsidies — dramatically reduced the number of new projects on the market. Clean energy investment in China was down 39% during the first half of this year, compared with the same period last year. Investment in clean energy slipped to $117.6 billion, a 14% decline compared with the same period last year, according to research from Bloomberg New Energy Finance.
Europe and the US also experienced declines, with clean energy investment falling 4% and 6% respectively. However, there are still pockets of growth, with clean energy investment in India rising 10% to reach $5.9 billion.
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