A new report from Bloomberg New Energy Finance (BNEF) shows investment in clean energy rose 16% in 2014. This was the first time energy investment has increased since 2011.
During 2014, investment in wind, solar, biofuel and other low-carbon energy technologies rose to $310 billion. The increase was due in part to China’s commitment to renewables increasing 32%. Investment in electric cars, especially Tesla Motors Inc., was also quite high during the year. However, the reduction of gasoline prices have begun reducing forecasts for that segment.
While there was an increase in clean energy investment, BNEF reports that biofuels were one of the few segments that saw a decline during the year, declining 7% to $5.1 billion.
Technologies such as power storage, efficiency products and electric cars saw an increase of 10% to $37 billion in 2014.
China was the biggest contributor to renewable energy, raising its investment to $89.5 billion. Meanwhile, the U.S. increased its investment 8% to $51.8 billion and Japan increasing investment 12% to $41.4 billion. Europe’s investment grew just 1% to $66 billion.
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