Global clean energy investment fell to $53 billion (£33.3bn) in the second quarter of this year.
That’s 28% less than the same period last year, according to a new report.
Investment in green energy in the last quarter of 2014 was 3% less compared to the first quarter of this year.
China was the most important contributor with $15.5 billion (£9.7bn) of renewable commitments, followed by the US and Japan with investments of $9.4 billion ($5.9bn) and $8.1 billion (£5.10bn).
The largest category of investment were in projects such as solar parks, wind farms, biomass and waste-to-energy generators, biofuel production units, geothermal plants and small hydro-electric schemes.
The report highlights the funding of two offshore projects in Europe – the 402MW Veja Mate in Germany and the 400MW E.ON Rampion project off the UK coast – which together accounted for nearly $4.2 billion investment.
Michael Liebreich, Chairman of the advisory board at Bloomberg New Energy Finance said: “The first two quarters of 2015, taken together, have seen investment down 18% compared to the first half of last year. It is possible that the first quarter and second quarter 2015 figures will be revised up a bit in due course as some more deals are disclosed but we have been predicting since January that this year would see lower investment than 2014 because of the strong dollar.
“In the medium term, we expect investment to resume its strong growth.”