Governments need to give technical experts more autonomy and hold their nerve to provide more long-term stability when investing in clean energy, argue researchers in climate change and innovation policy in a new paper published.
Seven giant wind projects, each costing between $600 million and $4.5 billion, helped global clean energy investment to jump 40% year-on-year in the third quarter of 2017.
Last year’s record offshore wind tally included the go-ahead for the largest ever project, Dong Energy’s 1.2GW Hornsea array off the UK coast, at a cost of $5.7bn.
These numbers for Q3 clean energy investment are worryingly low even compared to the subdued trend we saw in Q1 and Q2.
Clean energy investment in the second quarter totaled $61.5bn, some 12% above the first-quarter 2016 figure but 32% below a very strong outturn of $90bn in the equivalent period of 2015.
Global clean energy investment in the first quarter of 2016 was $53.1bn, down 22% on Q4 2015’s $68.1bn and 12% below the $60.5bn recorded in the equivalent quarter a year ago.