Renewables get a China push

A wind power farm in Xuyi, Jiangsu province. China's investment in renewable energy in 2013 was $56.3 billion, accounting for 61 percent of total investment by developing countries. [Photo/China Daily]

China remained the leading investor and proponent of renewable energy in 2013, even as global investment fell sharply, according to a report.

The Global Status Report, released on Wednesday by the Renewable Energy Policy Network for the 21st Century, said China invested more in renewable energy than all of Europe did in 2013.

Although the renewables sector continues to offer huge growth potential in China, it also faces some constraints like overcapacity, experts said.

New investment in renewables fell for the second consecutive year globally in 2013, partly because of uncertainties over incentives in Europe and the United States, as well as sharp reductions in technology costs.

Investment from developed countries fell to the lowest level in four years, with Europe's investment in renewables falling by 44 percent in 2013 compared to the levels in 2012.

Last year also saw an end to eight consecutive years of rising renewable energy investment in developing countries. Total investment by developing countries in renewables was $93 billion in 2013, down 14 percent from 2012.

China's new investment in renewable energy was $56.3 billion in 2013, accounting for 61 percent of the developing-country investment in renewables.

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