Wind power investments rose in first half of 2018, whilst solar spending dropped
The total financing spent on wind power investments rose to $57.2bn in the first half of 2018.
Total investments in the sector has rose year-on-year by 33% since the first six months of 2017, according to Bloomberg New Energy Finance.
The US spent 121% more on wind projects during the review period, totalling $17.5 – almost 31% of the global total.
However, the total spending on solar photovoltaic (PV) projects has declined in the six months by 19%.
The combined financing in the solar sector fell due to the drop in capital costs, with each megawatt casting less to install.
China’s declining investments in the renewable energy also led to less money being put into the industry.
Bloomberg New Energy Finance confirmed that it anticipated these trends will continue into the second half of the year.
A total of US$138.2bn was invested into renewable energy during the six months to June of this year – a 1% decline of the first half of last year.
$76.7bn was invested in the industry in the year’s second quarter, however, which marks an 8% year-on-year rise.