Solar Industry reported worldwide renewable energy investment in the first quarter this year totaled $40.6 billion, down 22% from the prior year, due to a downturn in large wind and solar project financings.

According to the report, global investment in clean energy in the first three months of 2013 was also lower than in any quarter for the past four years, according to the latest figures from research company Bloomberg New Energy Finance (BNEF).

The report cites how first-quarter investment figures for renewable energy, energy efficiency and energy-smart technologies declined 38% from numbers seen in the final quarter of 2012. According to BNEF, the decline reflected the effects of policy uncertainty in key clean energy markets, such as the U.S. and Germany, and a lull in financing in markets such as China and Brazil.

The drop also reflected the effect on dollar investment levels of the recent sharp declines in technology costs, particularly those of solar modules.

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