International investment in clean energy in the first six months of 2018 totalled $138.2 billion (£104.3bn).
That’s according to data company Bloomberg New Energy Finance (BNEF), which shows this was down just 1% from the same period a year earlier.
The second quarter, from April to June, saw a year-on-year rise of 8% to $76.7 billion (£57.9bn). driven by investment from the US and China.
However, solar investment was down 19% compared to the same period last year at $71.6 billion (£54bn), with wind up 33% at $57.2 billion (£43.2bn).
The fall in solar investment reflects significantly lower capital costs for the technology, resulting in fewer dollars spent per megawatt installed, as well as a cooling-off in China’s solar boom.
BNEF analysts expect these trends to continue through the remainder of the year.
Justin Wu, Head of Asia-Pacific at BNEF, said: “On June 1st, the Chinese government released a policy document restricting new solar installations that require a national subsidy, with immediate effect.
“We expect this to lead to sharp drop in installations in China this year, compared to 2017’s spectacular record of 53GW.”