Global Renewable Investment to Grow in 2017, in Defiance of U.S. Politics
The Trump administration’s rhetorical attacks on renewable energy for allegedly threatening grid stability (it doesn’t), and its determination to resuscitate a domestic coal industry plagued by poor economics, have not quenched a global appetite for renewables that is set to climb slightly in 2017, according to Bloomberg New Energy Finance.
In a post announcing the release of a 72-page report drilling down into the subject (registration required), Bloomberg writes that its latest survey of clean energy investment “indicates a firm third quarter, suggesting global clean energy investment for the whole of 2017 may slightly exceed 2016’s total of US$287.5 billion.” The report reverses the outlook a year ago, when the same market assessment reported a “worrying” drop in global clean financing.
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“Seven giant wind projects, each costing between $600 million and $4.5 billion, and spread between the U.S., Mexico, the U.K., Germany, China, and Australia, helped global clean energy investment to jump 40% year-on-year” in the latest quarter, the outlet adds. “The standout deal of the quarter was the 2-GW Wind Catcher project in the Oklahoma Panhandle, costing $4.5 billion.”
In other details, BNEF found that third-quarter investment was up 3% around the world from the second quarter, and that “numbers for the July-to-September quarter mean that investment in 2017 so far is running 2% above that in the same period of last year, suggesting that the annual total is likely to finish up close to, or a little ahead of, 2016’s figure of $287.5 billion.”
A 72% jump in financing of utility-scale renewable energy projects compared to the same quarter of last year suggests their growing acceptance among mainstream utilities. At $34.3 billion in Q3, global wind investment edged out solar spending of $30.5 billion.