Clean energy investment in the first quarter (Q1) of 2018 fell by a tenth year-on-year to $61.1 billion (£42.6bn).
That’s according to a new report from Bloomberg New Energy Finance (BNEF), which says solar investment slipped 19% to $37.4 billion (£26.1bn), affected by weaker activity in a number of markets and by lower unit prices for solar systems.
It shows wind investment increased by 10% in the first quarter to $18.9 billion (£13.2bn), while biomass and waste-to-energy fell by nearly a third to $679 million (£474.2m).
China led the investment, investing $26 billion (£18.1bn) in clean energy in Q1, although this was down 27% from the first quarter last year.
The US saw investment of $10.7 billion (£7.5bn), up 16%, while Europe suffered a 17% decline to $6 billion (£4.2bn), reflecting an absence of German or UK offshore wind deals.
Abraham Louw, Clean Energy Investment Analyst at BNEF, said: “The global first quarter figures are the lowest for any quarter since Q3 2016 but it’s too early to predict a fall in annual investment this year.
“For instance, we expect to see the financing of a number of big-ticket offshore wind projects in UK, Belgian, Dutch and Danish waters during the months ahead.”