Global investments in renewables reduced

Global investments in renewable energy slumped 14 percent last year, with China pouring more money into the sector than Europe for the first time on record, the UN said Monday.

Investments in renewables apart from hydroelectricity dipped to $214.4 billion in 2013, down $35.1 billion from the previous year and 23 percent below the record set in 2011, according to a report from the UN Environment Programme (UNEP).

The fall was down to "political uncertainty in several markets," meaning the lack of clarity over government support for the sector, and the falling cost of solar systems," said the report.

In Europe, which has been a global leader in supporting the development of renewable energy, investment plunged 44 percent to $48 billion (35 billion euros) last year, UNEP said.

That compares to a 6 percent fall in China, to $56 billion, and a reduction of a tenth in the United States, to $36 billion.

After nine years of growth, last year was the first time investments in renewables fell in emerging economies, the report found.