A new report published by the Climate Policy Initiative states that low carbon and climate mitigation spending worldwide dropped by £40.6 billion in 2016.
The drop in investment, from record numbers of around £328.7 billion in 2015 has primarily been put down to the continuing fall in the cost of renewable power production.
Record investment levels were seen in 2015, which was driven primarily by significant investment in renewable energy.
Despite the significant investment figures quoted, it is claimed that certain areas are desperately lacking in substantial investment.
Areas such as transport, agriculture, deforestation and water would require combined funds of an estimated £750 billion.
Fossil Fuel Investment
It is claimed that investment involved in fossil fuels is still significantly higher than that of renewable investment at an estimated £620 billion.
A stark figure considering increasing levels of implementation of green governmental policy.
Barbara Buchner, Climate Policy Initiative Executive Director stated: “While our numbers show that a wide range of public and private finance actors are taking advantage of the strong political signal following the Paris Agreement.”
“A broader scale-up of investments across all sectors is critically needed to avoid dangerous climate change.”