Pew Report Finds Clean Energy Investment in Canada Rose 45% Last Year

Investment fell in the Americas

WASHINGTON, April 3, 2014 /CNW/ - Canada received $6.5 billion in clean energy investments in 2013, advancing the country to seventh from 12th in the G-20 rankings, according to research released today by The Pew Charitable Trusts. The report, "Who's Winning the Clean Energy Race? 2013," found that with a 45 percent increase in investment from 2012 to 2013, Canada had the highest rate of growth in the Americas and second-highest among all G-20 nations.

"Canadian clean energy policies are formed primarily at the provincial level and impending changes to Ontario's feed-in tariff program helped spur investment in 2013," said Phyllis Cuttino, director of Pew's clean energy program. "Canada was one of only three G-20 nations—with Japan and the United Kingdom—to record an increase in financing levels last year. To sustain strong clean energy investment in the future, national policies may be needed to provide the long-term certainty that investors need to support capital-intensive energy infrastructure such as wind power."

A large number of projects were financed ahead of changes to the Green Energy Act in Ontario, which will reduce future incentives. Wind remains the favored clean energy technology for investors, attracting $3.6 billion across Canada. More than 1.5 gigawatts of new wind capacity were installed, as the 270-megawatt South Kent and 299-MW Blackspring Ridge wind farms received financing. Solar garnered $2.5 billion, almost 50 percent more than in 2012, and another 500 MW of solar was added. Canada now has more than 13.5 GW of installed renewable energy capacity.

Gains in Canada stand in contrast to its North and South American neighbors. Investment levels fell in the region for the second year in a row, to $52 billion, or 8 percent lower than in 2012. The largest markets in the Americas—the United States and Brazil—were down by 9 and 55 percent, attracting $36.7 billion and $3.1 billion, respectively.

China remained the leading regional and global market, attracting $54.2 billion, with the U.S. in second place with $35.7 billion; Japan was third with $28.6 billion. Three nations—Japan, the United Kingdom, and Canada—recorded an increase in investment. Globally, clean energy investment fell 11 percent, to $254 billion, and renewable power generating capacity additions declined by 1 percent from 2012 to 2013. Overall, installed clean energy capacity reached 735 GW.

"Who's Winning the Clean Energy Race? 2013" examines how nations are faring in the increasingly stiff competition for private funding among the world's leading economies. The primary focus is on investment, which drives innovation, commercialization, manufacturing, and installation of clean energy technologies. Investment in G-20 countries accounted for more than 95 percent of the global total. Amounts are listed in U.S. dollars. The data were compiled and reviewed by Bloomberg New Energy Finance, Pew's clean energy research partner. Read the report, including country profiles and interactive graphics, at pewtrusts.org/cleanenergy.

The Pew Charitable Trusts is driven by the power of knowledge to solve today's most challenging problems. Learn more at www.pewtrusts.org.

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Tracy Schario, 202-540-6582, tschario@pewtrusts.org

SOURCE The Pew Charitable Trusts

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