China ups its spend on solar power $175bn
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.