Michelle Davies, partner and head of the clean energy and sustainability group at Eversheds, has commented following reports from the Climate Policy Initiative think tank showing that global investment in renewables fell by one per cent last year.
Davies said that the Climate Policy Initiative figures are ‘not surprising’ and are probably the result of three separate sets of circumstances, which all affect each other.
She explained that these circumstances are the cost of energy and new sources of energy and added that the developing or emerging markets for renewable energy are not implementing renewable policies on a large scale or as quickly as was previously anticipated.
Davies said: ‘As a result, funds that had historically been utilised in Europe and are freeing up in North America and that had been hoping to find a large and secure home in the emerging markets have, to a degree, been left slightly stranded.
‘However, there is every reason to believe that the emerging markets for clean energy will deliver. There are strong economic and social drivers, which mean renewables on a large scale should happen. The key question that we can’t answer at the moment is when.’