Bloomberg New Energy Finance reported that global investment in clean energy dropped to its lowest in three years as the U.S. and European nations cut support for wind and solar projects.
 
According to the report, spending on new wind farms, solar parks and other renewable projects fell to $27 billion in the first quarter, a 28% decline from the last three months of 2011 and a 22% drop from the same quarter a year earlier. This represents the lowest quarterly total since the $20 billion recorded in the first three months of 2009.
 
As reported, the decline follows a record year in which an estimated $263 billion was invested in renewable energy, according to the London-based research company. The clean-energy industry has been hurt by subsidy cuts in European nations including Spain, Germany and the U.K., and expiring tax credits in the U.S., the biggest market in 2011 for renewables.
 
“The weak first-quarter number reflects the destabilizing uncertainty over future clean-energy support in both the European Union, driven by the financial crisis, and the U.S., driven by the expiry of stimulus programs,” New Energy Finance Chief Executive Officer Michael Liebreich said in the statement. “There is no sign of a rapid turnaround in either of these regions.”