Renewables Shrug Off Slumping Oil as Investment Remains Steady
- New Energy Finance shows 1% global decline in third quarter
- Falling cost of solar and wind farms reduced capital costs
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Renewable energy investment held firm in the third quarter, indicating the industry is weathering a slump in the cost of oil and coal.
Financing for projects including wind, solar, biofuels and biomass fell 1 percent to $70 billion worldwide, compared with the same period a year ago, according to Bloomberg New Energy Finance. For the first nine months of the year, investment eased 2 percent to $197.9 billion, the London-based researcher estimated.