Canada one of only three countries where clean energy investment grew

Investment in clean energy technology has been declining around the world. It fell 11 percent last year, and 9 per cent the year before. From a record high of $318 billion in 2011, global investment, both public and private, in solar, wind and other “green” technologies” dropped to $254 billion in 2013.

Most of the decline occurred in G-20 countries, with three exceptions: Japan, Canada and the United Kingdom. Canada, which received $6.5 billion in clean energy investments, rose from twelfth place to seventh in the G-20 rankings, according to research released today by The Pew Charitable Trusts. The report, “Who’s Winning the Clean Energy Race? 2013,” found that significant new wind energy investments led to a 45 per cent increase in investment from 2012 to 2013. In fact,  Canada had the highest rate of growth in the Americas and second-highest among all G-20 nations.

investment-growth-Japan-Canada-UK-US-China-clean-energy-solar-wind-nuclear-EDIWeekly

Solar energy continued to attract the greatest amount of investment (52 per cent) but still fell sharply, particularly in Germany and Italy. Wind sector investments dropped by a slight 1 per cent.

The greatest share of investment was in China, which accounted for more than 40 per cent of the G-20 total, with $58.3 billion. China’s efforts to expand energy access to keep pace with economic development, and to curb its severe air pollution problem, are seen as reasons for its leadership position in the clean energy race. Over the past five years, China’s clean energy investment has grown at a compound annual rate of 18 per cent.

In the United States, clean energy investment dropped 9 per cent, to $36.7 billion. The US still attracted $14 billion in wind energy investments, enough to make it the second-leading destination for such investments. With $17.7 billion, the US was third in attracting solar energy investments.

Japan became the fastest growing clean energy market in the world in 2013, growing by 80 per cent. It is now the third-leading destination for clean energy investment in the G-20, attracting $28.6 billion. Japan has sought to displace nuclear energy as the main source of its power generation in recent years. Investment in the country’s solar sector nearly doubled in 2013, and it added 6.7 GW of solar.

In England, which experienced 13 per cent growth in clean energy investment, most of the growth was in the wind sector. The world’s largest offshore wind project, the 630 MW London Array, was completed in 2013. This and several other large projects accounted for a 50 per cent increase in wind power investment, to $5.9 billion.

And in Canada, the third G-20 country where investment went up instead of down, investment grew by 45 per cent, to $6.5 billion. The wind sector was especially strong, increasing by more than 40 percent, to $3.6 billion. In Ontario, several projects were give permits to proceed and several others were completed, such as the 270-MW South Kent Wind Farm and the 299-MW Blackspring Ridge project. The solar sector also recorded impressive growth, attracting $2.5 billion.

Did you miss this?

Other Popular Stories

  • Space X Falcon Heavy launch live! 'Great rocket launch or the best fireworks display,' says Elon Musk. Watch the launch at 3pm today live on EDI Weekly
  • First Electric Car Day held at Queen's Park
  • English-French partners show all-electric aircraft at Paris Air Show
  • Utility offers customers Tesla Powerwalls as home energy storage market heats up
  • Bombardier, NetJets launch new Challenger 350
  • Research: What is the temperature effect on battery backs in Electric Vehicles: charging up to 3 times longer in coldest temperatures
  • Ethical Concerns Rise Over the Future of Autonomous Vehicles
  • 3D printed hempcrete could revolutionize construction industry
  • Global car sales up, luxury auto market surging in Canada: Scotiabank
  • World's fastest electric car sets new performance benchmark for EVs
  • $ Trillions needed to decarbonise global energy supply to meet Paris Agreement targets
  • Fiat Chrysler denies wrongdoing as EPA accuses it of emissions cheating
  • Alphabet's Chairman praises Toronto technology as Google's Sidewalk Labs announces living "technology lab" for Toronto Portlands
  • GO Transit may deploy hydrogen-power rather than electric; consults with Canadian fuel cell technology company that worked on world's first hydrogen-powered train
  • No-cost energy-reduction plan offered to Ontario businesses
  • Natural gas industry outlines challenges, opportunities in Canada
  • Bombardier CSeries finally flies the skies of Paris
  • Ontario exports to lead country in 2016, mainly on demand for cars and parts
  • New wind farm approved near Lake Huron shore
  • Economy shows strength in third quarter
Scroll to Top