China ups its spend on so­lar power $175bn

CityPress - - Business -

The value of global spend­ing on re­new­able en­ergy sources in the first three quarters of this year. The bulk of the spend­ing came from China – almost $20bn in the third

quar­ter Record in­vest­ment in so­lar power by China helped global spend­ing on re­new­able en­ergy projects hit $175 bil­lion (R1.9 tril­lion) in the first three quarters of this year, up 16% from the same pe­riod last year.

Bloomberg’s New En­ergy Fi­nance re­port showed spend­ing in the third quar­ter gained 12% to $55 bil­lion, from $48.9 bil­lion a year ear­lier.

Almost $20 bil­lion of that was in China, where so­lar in­vest­ing soared to $12.2 bil­lion from $7.5 bil­lion.

The world’s largest so­lar mar­ket may add 14 gi­gawatts of ca­pac­ity this year, almost a third of the global to­tal, as more large-scale projects are built, said the re­port.

Ja­pan, the sec­ond-big­gest so­lar mar­ket, in­creased spend­ing by 17% to $8.6 bil­lion in the third quar­ter.

“The pat­terns of in­vest­ment are dif­fer­ent ge­o­graph­i­cally with China tak­ing more of a role and other parts of Asia com­ing on strong, par­tic­u­larly Ja­pan,” said Bloomberg’s Ethan Zindler.

“The make-up is re­ally quite dif­fer­ent com­pared with as re­cently as 2011 or 2012, when Europe ac­counted for a ma­jor share of the to­tal.”

In­vest­ment in Europe tum­bled to $8.8 bil­lion, the low­est in more than eight years as spend­ing in the UK, Italy and Ger­many fell.

In the US, in­vest­ment reached $7.3 bil­lion from $5.7 bil­lion on in­creased de­mand for res­i­den­tia­land com­mer­cial-scale so­lar, off­set­ting a volatile wind power in­dus­try, said Zindler.

– lloomberg

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