Worldwide investment in renewable energy fell 18% last year.
The fall to £234 billion was reported by Bloomberg New Energy Finance who state that China and falling costs of solar power are to blame.
The report claims that a record 70GW of solar capacity was added.
China’s clean investment fell 26% to £71 billion as the country turned toward building more coal-powered generators.
Despite this overall slowdown, global offshore wind investment rose 40% to around £24 billion.
The report claims this is due to improved pricing and technological and installation innovations, driving down costs.
15 renewable energy projects over 100MW were approved in the UK including the 1.2GW Hornsea wind farm.
Once again, the UK invested the highest amount in renewables across the EU for the third year in a row with £21 billion spent, a figure 2% higher than the previous year.
Bloomberg New Energy Finance chief executive, Jon Moore stated: “The offshore wind record last year shows that this technology has made huge strides in terms of cost-effectiveness and in proving its reliability and performance.”
“Europe saw £21 billion of offshore wind investment but there was also £3.3 billion in China and new markets are set to open up in North America and Taiwan.”