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Renewable energy investment across the European Union almost ground to a standstill last year, with less than 1% growth, despite a strong global rebound in financing led by China and the United States, according to figures published on Tuesday (31 March).

Global investment in renewable energies jumped by 17% to 290 billion, the first funding increase for three years, according to the United Nations Environment Programmes (UNEP) annual Global Trends in Renewable Energy Investment report.

The hike reflected a 80.5 billion boom in solar installations in China and Japan and a record 20 billion of final investment decisions on offshore wind projects in Europe.

The total figure, which excludes large hydro, is just 3% below the all-time record of 299.6 billion set in 2011, according to research published today (31 March).

China was by far the biggest investor. It pumped a record 89.5 billion into projects, up 39% from last year.

The US was second at 41.2 billion, up 7%, but well below its all-time high reached in 2011. Japan was third, at 38.4 billion, 10% higher than in 2013 and its biggest total ever, according to the influential report, by Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and an Bloomberg New Energy Finance.

Solar and wind accounted for 92% of all investment in renewable and fuels worldwide. Biomass and waste-to-energy made up 3% of total.Solar jumped 25% to 161 billion, its second highest total ever. Wind rose 11% to a record 107 billion.

Offshore boom

There were seven billion dollar worth of financing for offshore wind projects in the North Sea, funded from the Netherlands, the UK and Germany.

It included the 600MW Gemini project in Dutch waters, which at 4.1 billion was the largest non-hydro renewable energy plant to get the go-ahead anywhere in the world.Geminis financing was agreed by 12 banks, three export credit agencies, the European Investment Bank and a Danish pension fund.

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Europe trailing behind in global renewables rebound