Global investment in clean energy in the second quarter of this year was up 22% from the first quarter, according to a new report.

Bloomberg New Energy Finance (BNEF), which conducted the study, revealed investment rose to $53.1 billion due to an upturn in financing of wind and solar projects.

China was the largest investor in clean energy in the second quarter at $13.8 billion, followed by the US at $9.5 billion, Japan (down 5% at $7.6 billion), South Africa ($2.8bn) and Australia (up nearly sixfold at $2.3billion).

Among EU countries, Germany led the way with $1.9 billion, the UK in second place at $1.7 billion and France at $1.2 billion.

Europe, however, saw a 44% fall in investment compared to the first quarter, reaching just $9.5 million – the continent’s lowest quarter total for more than six years.

Michael Liebreich, Chief Executive of BNEF said: “These figures are a mixture of sweet and sour. On the sour side, 2013 globally is still running below 2012, which was itself down on the 2011 investment record. And European investment is clearly being hit by cuts in support for renewable energy and by policy uncertainty, notably ahead of the German election in September.

“On the sweet side, the US is back in business following the hiatus that resulted from fears about the possible expiry of the Production Tax Credit for wind at the end of 2012. And the 50% rally in clean energy share prices since their lows last summer, with rises of 200% or more for Tesla Motors and a clutch of major wind and solar manufacturers, is rekindling – at least for the moment – the appetite of stock market investors for equity raisings.”

Last month the IEA predicted renewables could be the second largest power source by 2018.