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

  • Ontario to improve business "climate" for automotive industry; special focus on autonomous vehicle development
  • Richard Browning invents super human 450 km per hour “Iron Man” flight suit (video)
  • Touchless computer control from Waterloo tech company an early success
  • Canada one of only three countries where clean energy investment grew
  • Auto sales surging in North America, plunging in Russia
  • Pratt & Whitney Canada to invest $1 billion in engine development
  • The challenges of 3D printing or manufacturing in space — without gravity to help it all "stick"
  • Ontario home builders don't like government's inclusionary zoning plan
  • Ontario Faces Uncertain Future with Carbon Tax
  • Russian leasing company orders 42 CSeries jets from Bombardier
  • Colossal Fusion Project Set to Transform the Energy Industry
  • Breakthrough wearable Virtual Reality body suits and gloves allow you to feel objects in virtual Reality — Applications in industry, medicine, safety
  • Are we ready to let go of the wheel? The current state of self-driving car technology.
  • Crude Oil Prices Uncertain as OPEC Meets to Discuss Supply
  • NASA Testing Technology Designed to Fold Wings During Flight
  • Another successful test: Crew Dragon flawlessly docks with Internataional Space Station
  • Bombardier announces firm CSeries orders from Russia, Gulf Air
  • IKEA buys Alberta wind farm
  • Ontario engineers facing crisis of under-employment
  • May manufacturing sales higher on petroleum, cars
Scroll to Top