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Figure 1. Global new investment in renewable energy by asset class, 2004-2012, $bn

Figure 2. Global transactions in renewable energy, 2012, $bn

Figure 3. Global Trends In Renewable Energy Investment 2012 data table, $bn

Figure 4. Global new investment in renewable energy: developed v developing countries, 2004-2012, $bn

Figure 5. Global new investment in renewable energy by sector, 2012, and growth on 2011, $bn

Figure 6. VC/PE new investment in renewable energy by sector, 2012, $bn

Figure 7. Public markets new investment in renewable energy by sector, 2012, $bn

Figure 8. Asset finance of renewable energy assets by sector, 2012, $bn

Figure 9. Asset finance of renewable energy assets and small distributed capacity by sector, 2012, and growth on 2011, $bn

Figure 10. VC/PE, public markets, and asset finance investment in renewable energy quarterly trend, Q1 2004-Q1 2013, $bn

Figure 11. Global new investment in renewable energy: developed v developing countries, 2012, and total growth on 2011, $bn

Figure 12. Global new investment in renewable energy by region, 2012, $bn

Figure 13. Global new investment in renewable energy by region, 2004-2012, $bn

Figure 14. New investment in renewable energy by country and asset class, 2012, and growth on 2011, $bn

Figure 15. Asset finance of renewable energy assets by country, 2012, and growth on 2011, $bn

Figure 16. Small distributed capacity investment by country, 2012, and growth on 2011, $bn

Figure 17. VC/PE, public markets, and asset finance investment in renewable energy in the US by sector, 2012, $bn

Figure 18. VC/PE, public markets, and asset finance investment in renewable energy in China by sector, 2012, $bn

Figure 19. VC/PE, public markets, and asset finance investment in renewable energy in India by sector, 2012, $bn

Figure 20. VC/PE, public markets, and asset finance investment in renewable energy in Brazil by sector, 2012, $bn

Figure 21. Total VC/PE, public markets, and asset finance investment in renewable energy in Africa, 2012, $bn

Figure 22. Total VC/PE, public markets, and asset finance investment in renewable energy in Latin America (excluding Brazil), 2012, $bn

Figure 23. Total VC/PE, public markets, and asset finance investment in renewable energy in non-OECD Asia (excluding China and India), 2012, $bn

Figure 24. Renewable power generation and capacity as a proportion of global power, 2006-2012, %

Figure 25. Renewable power investment compared to gross fossil-fuel power investment, 2006-2012, $bn

Figure 26. Levelised cost of electricity for different generation technologies, Q2 2009 v Q1 2013

Figure 27. Cross-border investment volumes by regional flow, 2004-H1 2012, $bn

Figure 28. Global CO2 emissions, 1990-2035, million tonnes

Figure 32. Annual power generation investment needed in 2010-2020 to meet 2-degree scenario

Figure 30.Support schemes for new renewable power projects in the EU-27, 2013

Figure 31. US states with Renewable Portfolio Standards, and those without

Figure 32. Power purchasing agreement prices for wind submitted in Brazilian auctions, 2009-12, $ per MWh

Figure 33. Asset financing new investment in renewable energy by type of security, 2004-2012, $bn

Figure 34. Asset financing new investment in renewable energy by region, 2004-2012, $bn

Figure 35. Asset financing new investment in renewable energy by sector, 2004-2012, $bn

Figure 36. Large hydro capacity additions by country, 2012, GW

Figure 37. Small distributed capacity investment, 2004-2012, $bn

Figure 38. Small PV system cost in Japan, Germany and California, $/W

Figure 39. Small distributed capacity investment by country, 2012, and growth on 2011, $bn

Figure 40. Gross and net increase in Chinese and world solar water heater capacity, 2012, GWth

Figure 41. Public market new investment in renewable energy by stage, 2004-2012, $bn

Figure 42. NEX vs selected indices, 2003 to 2013 YTD

Figure 43. NEX vs selected indices, 2011 to 2013 YTD

Figure 44. Public market new investment in renewable energy by sector, 2004-2012, $bn

Figure 45. Public market new investment in renewable energy by sector, 2012, and growth on 2011, $bn

Figure 46. Public market new investment in renewable energy by region of exchange, 2004-2012, $bn

Figure 47. Public market new investment in renewable energy by exchange, 2012, and growth on 2011, $bn

Figure 48. Public market new investment in renewable energy by company nationality, 2012, and growth on 2011, $bn

Figure 49. VC/PE new investment in renewable energy by stage, 2004-2012, $bn

Figure 50. VC/PE new investment in renewable energy by stage, 2012, and growth on 2011, $bn

Figure 51. VC/PE new investment in renewable energy by sector, 2004-2012, $bn

Figure 52. VC/PE new investment in renewable energy by sector, 2012, and growth on 2011, $bn

Figure 53. VC/PE new investment in renewable energy by region, 2004-2012, $bn

Figure 54. VC/PE new investment in renewable energy by region, 2012, and growth on 2011, $bn

Figure 55. R&D investment in renewable energy, 2004-2012, $bn

Figure 56. Corporate and government R&D renewable energy investment by technology, 2012, and growth on 2011, $bn

Figure 57. Corporate and government R&D renewable energy investment by region, 2012, and growth on 2011, $bn

Figure 58. Acquisition transactions in renewable energy by type, 2004-2012, $bn

Figure 59. Acquisition transactions in renewable energy by sector, 2004-2012, $bn

Figure 60. Acquisition transactions in renewable energy by sector, 2012, and growth on 2011, $bn

Figure 61. Acquisition transactions in renewable energy by region, 2004-2012, $bn

Figure 62. New clean energy public equity funds launched, by year, 2000-2012

Figure 63. Tier 1 green bond issuance, 2003-2013

Figure 64. Development bank finance for broad clean energy, transmission and distribution, 2007-2012

Figure 1

2004 2005 2006 2007 2008 2009 2010 2011 2012

Asset finance* 25 44 71 98 121 108 138 176 147

Small distributed capacity 9 10 10 14 23 34 62 77 80

Public markets 0 4 9 22 12 12 12 11 4

VC/PE 1 2 4 6 10 5 6 5 4

Government R&D 3 3 3 4 4 4 5 5 5

Corporate R&D 2 2 2 3 3 5 5 5 5

Total 40 65 100 146 172 168 227 279 244

% Growth 63% 55% 46% 17% -2% 35% 23% -12%

Footnote:

Source: UNEP, Bloomberg New Energy Finance

Global new investment in renewable energy by asset class, 2004-2012

$bn

*Asset finance volume adjusts for re-invested equity. Total values include estimates for

undisclosed deals

Figure 2

2012

VC 2

Corp RD&D 5

Gov R&D 5

PE 1

Public markets new equity 4

Total company investment 17

Re-invested (1)

Asset finance 149

SDC 80

Total investment 244

M&A/buy-outs etc. 52

Total transactions 297

Footnote:


Global transactions in renewable energy, 2012

$bn

SDC = small distributed capacity. Total values include estimates for undisclosed deals. Figures

may not add up exactly to totals, due to rounding.

Figure 3. Global Trends In Renewable Energy Investment 2012 data table, $bn

Year 2004 2005 2006 2007 2008 2009 2010 2011 2012

2011-12

Growth

2004-12

CAGRCategory Unit $bn $bn $bn $bn $bn $bn $bn $bn $bn % %

1 Total Investment

1.1 New investment 39.6 64.7 100.0 146.2 171.7 168.2 227.2 279.0 244.4 -12% 26%

1.2 Total transactions 48.4 90.7 135.6 204.7 231.0 232.5 285.8 352.5 296.7 -16% 25%2 New Investment by Value Chain

2.1 Technology development

2.1.1 Venture capital 0.4 0.6 1.2 2.2 3.2 1.6 2.5 2.6 2.3 -15% 25%

2.1.2 Government R&D 2.0 2.1 2.3 2.7 2.8 5.2 4.7 4.7 4.8 3% 12%

2.1.3 Corporate RD&D 3.0 2.9 3.3 3.6 4.0 4.0 4.6 4.8 4.8 -1% 6%

2.2 Equipment Manufacturing

2.2.1 Private equity expansion capital 0.3 1.0 3.0 3.7 6.8 2.9 3.1 2.6 1.4 -46% 20%

2.2.2 Public markets 0.3 3.8 9.1 22.2 11.6 12.5 11.8 10.6 4.1 -61% 41%

2.3 Projects

2.3.1 Asset finance 24.8 44.0 72.1 100.6 124.2 110.3 143.7 180.1 148.5 -18% 25%

Of which re-invested equity 0.0 0.1 0.7 3.1 3.4 1.8 5.5 3.7 1.5 -60% -

2.3.3 Small distributed capacity 8.9 10.5 9.8 14.3 22.5 33.5 62.4 77.4 80.0 3% 32%

Total Financial Investment 25.8 49.3 84.7 125.6 142.4 125.5 155.6 192.2 154.8 -19% 25%

Gov't R&D, corporate RD&D, small projects 13.8 15.4 15.3 20.6 29.3 42.7 71.7 86.8 89.6 3% 26%

Total New Investment 39.6 64.7 100.0 146.2 171.7 168.2 227.2 279.0 244.4 -12% 26%

3 M&A Transactions

3.1 Private equity buy-outs 0.8 3.8 1.8 3.6 5.5 2.5 1.9 3.0 2.4 -19% 14%

3.2 Public markets investor exits 0.0 1.4 2.7 4.2 1.0 2.6 4.7 0.1 0.4 200% 41%

3.3 Corporate M&A 2.4 7.9 12.7 20.4 18.0 21.5 18.0 29.5 7.1 -76% 14%

3.4 Project acquistion & refinancing 5.4 12.8 18.4 30.4 34.9 37.7 33.9 40.9 42.3 4% 29%

4 New Investment by Sector

4.1 Wind 14.4 25.5 32.4 57.4 69.9 73.7 96.2 89.3 80.3 -10% 24%

4.2 Solar 12.3 16.4 22.1 39.1 59.3 62.3 99.9 158.1 140.4 -11% 36%

4.3 Biofuels 3.7 8.9 26.1 28.2 19.3 10.6 9.2 8.3 5.0 -40% 4%

4.4 Biomass & w-t-e 6.3 8.3 11.8 13.1 14.1 13.2 13.7 12.9 8.6 -34% 4%

4.5 Small hydro 1.5 4.6 5.4 5.9 7.1 5.3 4.5 6.5 7.8 20% 22%

4.6 Geothermal 1.4 0.9 1.4 1.8 1.8 2.7 3.5 3.7 2.1 -44% 5%

4.7 Marine 0.0 0.1 0.9 0.7 0.2 0.3 0.2 0.3 0.3 13% 30%

Total 39.6 64.7 100.0 146.2 171.7 168.2 227.2 279.0 244.4 -12% 26%

5 New Investment by Geography

5.1 United States 5.7 11.9 28.2 34.5 36.2 23.3 34.6 54.8 36.0 -34% 26%

5.2 Brazil 0.5 2.2 4.2 10.3 12.5 7.9 7.9 8.6 5.4 -37% 34%

5.3 AMER (excl. US & Brazil) 1.4 3.4 3.4 5.0 5.6 5.9 11.5 8.3 9.5 14% 27%

5.4 Europe 19.6 29.4 38.4 61.7 72.9 74.7 101.3 112.3 79.9 -29% 19%

5.5 Middle East & Africa 0.6 0.6 1.2 1.7 2.7 1.7 5.0 3.5 11.5 228% 46%

5.6 China 2.6 5.8 10.2 15.8 25.0 37.2 40.0 54.7 66.6 22% 50%

5.7 India 2.4 3.2 5.5 6.3 5.2 4.4 8.7 13.0 6.5 -50% 13%

5.8 ASOC (excl. China & India) 6.7 8.3 8.9 11.0 11.5 13.2 18.1 23.8 29.0 22% 20%

Total 39.6 64.7 100.0 146.2 171.7 168.2 227.2 279.0 244.4 -12% 26%

Footnote:


New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.

Figure 4

2004 2005 2006 2007 2008 2009 2010 2011 2012

Developed 32 48 73 103 112 104 150 186 132

Developing 8 17 27 43 59 64 77 94 112

Total 40 65 100 146 172 168 227 279 244

% Growth 63% 55% 46% 17% -2% 35% 23% -12%

Footnote:


New investment volume adjusts for re-invested equity. Total values include estimates for

undisclosed deals. Developed volumes are based on OECD countries excluding Mexico, Chile,

and Turkey.

Global new investment in renewable energy: developed v developing countries, 2004-2012

$bn

Figure 5

2012 % growth on 2011

Marine 0.3 13%

Geothermal 2 -44%

Biofuels 5 -40%

Small hydro 8 20%

Biomass & Waste 9 -34%

Wind 80 -10%

Solar 140 -11%

Footnote:


Global new investment in renewable energy by sector, 2012, and growth on 2011

$bn


undisclosed deals.

Figure 6

2012 % growth on 2011

Solar 1.5 -41%

Biofuels 0.9 5%

Biomass & w-t-e 0.5 -54%

Geothermal 0.3 69%

Wind 0.3 -42%

Marine 0.1 146%

Small Hydro 0.04 -32%

Footnote:


VC/PE new investment in renewable energy by sector, 2012

$bn

VC/PE new investment excludes PE buy-outs. Total values include estimates for undisclosed

deals.

Figure 7

2012 % growth on 2011

Solar 2.3 -50%

Wind 1.3 -72%

Biofuels 0.4 -43%


Small hydro 0.03 -66%

Geothermal 0.01 -97%

Marine 0.01 16%

Footnote:

<none>

Source:

Public markets new investment in renewable energy by sector, 2012

$bn

UNEP, Bloomberg New Energy Finance

Figure 8

2012 % growth on 2011

Wind 77.4 -9%

Solar 52.7 -24%


Small hydro 7.4 20%

Biofuels 2.0 -63%

Geothermal 1.6 -45%

Marine 0.1 -34%

Footnote:

Source:

Asset finance of renewable energy assets by sector, 2012

$bn

Total values include estimates for undisclosed deals


Figure 9

2012 % growth on 2011 2011 blank series

Marine 0.1 -34% 0.1 0

Geothermal 1.6 -45% 2.9 0

Biofuels 2.0 -63% 5.3 0

Small hydro 7.4 20% 6.2 0

Biomass & w-t-e 7.4 -33% 11.1 0

Wind 77.4 -9% 84.8 0

Solar 132.7 -10% 147.1 0

Footnote:

Source:

Asset finance of renewable energy assets and small distributed capacity by sector, 2012, and growth on 2011

$bn

Total values include estimates for undisclosed deals.


Figure 10

Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

Asset Finance* 6.3 5.8 5.5 7.2 7.9 12.9 10.1 13.0 14.5 13.5 16.4 27.0 18.2 21.2 27.3 31.0 25.4 31.4 29.9 34.1 16.9 32.7 31.2 27.7 27.4 31.4 36.4 42.9 31.3 51.1 50.9 43.1 30.7 39.8 35.6 41.0 19.2

Public Markets 0.0 0.1 0.0 0.2 0.6 0.4 0.4 2.4 1.3 4.0 0.9 3.0 2.2 3.1 3.7 13.3 1.6 6.4 2.6 1.0 0.4 4.5 2.5 5.1 1.4 2.4 2.8 5.1 3.9 4.3 1.3 1.0 0.6 1.3 1.4 0.8 1.5

VC/PE 0.1 0.4 0.1 0.1 0.4 0.4 0.2 0.6 0.8 1.0 1.4 0.9 1.7 0.8 1.5 1.8 1.7 2.4 3.5 2.3 0.8 1.2 1.6 1.0 1.8 1.9 1.0 0.9 1.3 1.8 1.1 1.1 1.3 0.8 0.7 0.8 0.6

Total 6 6 6 7 9 14 11 16 17 19 19 31 22 25 32 46 29 40 36 37 18 38 35 34 31 36 40 49 36 57 53 45 33 42 38 43 21

4Q running average 6 7 9 10 12 14 15 17 21 23 24 28 31 33 37 38 36 33 32 32 31 34 34 35 39 40 46 49 48 47 43 39 39 36

Footnote:

Source:

VC/PE, public markets, and asset finance investment in renewable energy quarterly trend, Q1 2004-Q1 2013

$bn

*Asset finance volume adjusts for re-invested equity. Total values include estimates

for undisclosed deals


Figure 11

Total

2012 % growth on 2011 2012 % growth on 2011 % growth on 2011

Marine 0.3 28% 0.0 -71% 13%

Geothermal 0.6 -75% 1.4 21% -44%

Biofuels 3.8 -22% 1.2 -65% -40%

Small hydro 0.3 -29% 7.5 23% 20%

Biomass & w.t.e 3.9 -50% 4.7 -8% -34%

Wind 35.0 -16.2% 45.3 -4.7% -10%

Solar 88.7 -31% 51.7 72% -11%

Footnote:


Developed Developing

Global new investment in renewable energy: developed v developing countries, 2012, and total growth on 2011

$bn

Total values include estimates for undisclosed deals. New investment volume adjusts for re-

invested equity. Includes estimates for small distributed capacity, corporate and government

R&D. Developed volumes are based on OECD countries excluding Mexico, Chile, and Turkey.

Figure 12

2012 % growth on 2011

Europe 79.9 -29%

China 66.6 22%

United States 36.0 -34%

ASOC (excl. China & India) 29.0 22%

Middle East & Africa 11.5 228%

AMER (excl. US & Brazil) 9.5 14%

India 6.5 -50%

Brazil 5.4 -37%

Footnote:


Global new investment in renewable energy by region, 2012

$bn


undisclosed deals.

Figure 13

2004 2005 2006 2007 2008 2009 2010 2011 2012 Total

United States 5.7 11.9 28.2 34.5 36.2 23.3 34.6 54.8 36.0 265.1

Brazil 0.5 2.2 4.2 10.3 12.5 7.9 7.9 8.6 5.4 59.5

AMER (excl. US & Brazil) 1.4 3.4 3.4 5.0 5.6 5.9 11.5 8.3 9.5 54.1

Europe 19.6 29.4 38.4 61.7 72.9 74.7 101.3 112.3 79.9 590.3

Middle East & Africa 0.6 0.6 1.2 1.7 2.7 1.7 5.0 3.5 11.5 28.5

China 2.6 5.8 10.2 15.8 25.0 37.2 40.0 54.7 66.6 257.9

India 2.4 3.2 5.5 6.3 5.2 4.4 8.7 13.0 6.5 55.4

ASOC (excl. China & India) 6.7 8.3 8.9 11.0 11.5 13.2 18.1 23.8 29.0 130.4

Total

Footnote:


Global new investment in renewable energy by region, 2004-2012

$bn

New investment volume adjusts for re-invested equity. Total values include

estimates for undisclosed deals.

Figure 14

Asset finance* SDC Public markets VC/PE 2012 Total % growth on 2011

France 1.7 2.7 0.1 0.1 4.6 -31%

Brazil 5.1 0.1 0.2 5.3 -38%

South Africa 5.7 0.03 5.7 17598%

India 6.1 0.2 0.1 6.4 -50%

United Kingdom 5.3 3.2 0.0 0.3 8.8 -12%

Italy 1.1 13.0 0.003 0.01 14.1 -53%

Japan 3.0 13.1 16.0 73%

Germany 4.7 15.0 0.03 0.0 19.8 -35%

United States 23.2 7.3 1.0 2.6 34.2 -36%

China 57.1 5.5 2.0 0.01 64.7 22%

Footnote:


New investment in renewable energy by country and asset class, 2012, and growth on 2011

$bn

Top 10 countries. *Asset finance volume adjusts for re-invested equity. Excludes corporate and

government R&D

Figure 16

2012 % growth on 2011

Ukraine 2.8 205%

Japan 3.0 230%

Canada 3.7 -17%

Germany 4.8 -58%

Brazil 5.1 -39%

United Kingdom 5.3 -10%

South Africa 5.7 23410%

India 6.4 -49%


China 57.7 23%

Footnote:


Asset finance of renewable energy assets by country, 2012, and growth on 2011

$bn

Top 10 countries. Total values include estimates for undisclosed deals

Figure 15

2012 % growth on 2011

France 2.7 -32%

Belgium 2.8 -19%

Greece 3.1 195%

United Kingdom 3.2 -16%

Australia 3.3 -30%

China 5.5 195%

United States 7.3 63%

Italy 13.0 -43%

Japan 13.1 56%

Germany 15.0 -15%

Footnote:

Source:

Small distributed capacity investment by country, 2012, and growth on 2011

$bn

Top 10 countries. Represents investments in solar PV projects with capacities below 1MW


Figure 17

Asset finance* Public markets VC/PE Total

Wind 14.8 - 0.04 14.8

Solar 6.8 0.6 1.3 8.8

Biofuels 0.8 0.4 0.8 1.9

Biomass & Waste 0.7 0.01 0.2 1.0

Geothermal 0.1 - 0.3 0.4

Marine - - 0.003 0.003

Small hydro - - 0.002 0.002

Total 23.2 1.0 2.6 26.9

Footnote:


*Asset finance volume adjusts for re-invested equity

VC/PE, public markets, and asset finance investment in renewable energy in the United States by sector, 2012

$bn

Figure 18


Wind 27.2 0.9 - 28.1

Solar 24.7 1.1 0.01 25.7

Small hydro 2.7 0.01 - 2.7

Biomass & w-t-e 2.5 - - 2.5

Biofuels 0.04 - - 0.04

Total 57.1 2.0 0.0 59.1

Footnote:


VC/PE, public markets, and asset finance investment in renewable energy in China by sector , 2012

$bn


Figure 19


Wind 3.0 - 0.1 3.1

Solar 1.8 - 0.01 1.8

Small hydro 0.6 - - 0.6

Biomass & w-t-e 0.5 - 0.03 0.6

Biofuels 0.02 - - 0.02

Total 6.0 0.0 0.1 6.2

Footnote:


VC/PE, public markets, and asset finance investment in renewable energy in India by sector, 2012

$bn


Figure 20


Wind 3.2 0.2 - 3.4

Small hydro 0.7 - - 0.7

Biofuels 0.6 - - 0.6

Biomass & w-t-e 0.5 - - 0.5

Solar 0.1 - - 0.1

Total 5.0 0.2 0.0 5.2

Footnote:


VC/PE, public markets, and asset finance investment in renewable energy in Brazil by sector, 2012

$bn


Figure 23

2012

Ethiopia 0.4

Kenya 1.1

Morocco 1.8

South Africa 5.7

Footnote:

Source:

Total VC/PE, public markets, and asset finance investment in renewable energy in Africa by country, 2012

$bn

Omits countries with less than $0.1bn investment. Investment volume adjusts for

re-invested equity


Figure 21

2012

Ecuador 0.1

Panama 0.1

Uruguay 0.2

Nicaragua 0.2

Costa Rica 0.2

Argentina 0.2

Dominican Republic 0.3

Peru 0.6

Chile 0.8

Mexico 1.9

Footnote:

Source:

Total VC/PE, public markets, and asset finance investment in renewable energy in Latin America (excluding Brazil) by

country, 2012, $bn

Omits countries with less than $0.1bn investment. Investment volume adjusts for re-invested

equity


Figure 22

2012

Mongolia 0.1

Iran (Islamic Republic) 0.1

Malaysia 0.2

Pakistan 0.2

Philippines 0.2

Indonesia 0.2

Vietnam 0.3

Taiwan 0.5

Thailand 1.3

Footnote:


Omits countries with less than $0.1bn investment. Investment volume adjusts for re-

invested equity

Total VC/PE, public markets, and asset finance investment in renewable energy in non-OECD Asia (excluding China and

India) by country, 2012, $bn

Figure 24

2006 2007 2008 2009 2010 2011 2012

Renewable power capacity change as a % of global power capacity change (net) 10.2% 15.3% 25.6% 23.3% 28.8% 36.3% 41.6%

Renewable power generation change as a % of global power generation change (net) 4.7% 7.2% 21.3% -97.7% 11.0% 23.3% 26.7%

Renewable power as a % of global power capacity 5.0% 5.4% 6.1% 6.8% 7.7% 8.9% 10.2%

Renewable power as a % of global power generation 3.6% 3.8% 4.1% 4.6% 4.9% 5.7% 6.5%

Footnote:

Source:

Renewable power generation and capacity as a proportion of global power, 2006-2012

%

Excludes large hydro. Renewable capacity figures based on Bloomberg New Energy Finance

global totals.

EIA, IEA, Bloomberg New Energy Finance

Figure 25

2008 2009 2010 2011 2012

Gross fossil-fuel 261 302 312 301 262

Net fossil-fuel 150 182 189 180 148

Renewable energy 142 144 209 256 227

Footnote:

Source:

Renewable power investment compared to gross fossil-fuel power investment, 2008-2012

$bn

Renewable energy total excludes large hydro. Fossil fuel is gross investment on coal, gas and

oil capacity and includes investment to replace capacity retirements. We assume capacity

retirement of 3.3%/yr for coal, 4%/yr for gas and 2.5%/yr for oil.

EIA, Bloomberg New Energy Finance

Figure 26

Data: n/a

Footnote:

Source:

Levelised cost of electricity for different generation technologies, Q2 2009 v Q1 2013

CHP = combined heat and power; c-Si = crystalline silicon; STEG = solar thermal electricity

generation or concentrated solar power; CCGT = combined cycle gas turbine.

Bloomberg New Energy Finance estimates.

Figure 27

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

North/North 4.2 9.1 17.3 24.6 31.0 21.5 31.9 33.0 12.9

South/North 0.1 0.1 0.5 0.2 0.3 1.6 0.3 0.9 0.3

South/South 0.0 0.4 0.6 1.0 1.8 2.0 2.2 3.9 1.1

North/South 0.9 1.7 2.2 2.8 6.5 3.9 5.9 8.1 3.9

Footnote:

Source:

Cross-border investment volumes by regional flow, 2004-H1 2012

$bn

New-build asset finance for renewable energy projects only.

Bloomberg New Energy Finance

Figure 28

1990 2010 2015 2020 2025 2030 2035

Power 7,481 12,495 13,849 14,338 14,545 14,738 14,951

Transport 4,388 6,565 7,095 7,512 7,841 8,162 8,519

Heat, other 8,098 9,562 10,547 10,989 11,275 11,525 11,753

Total 20 29 31 33 34 34 35

Growth 43% 10% 4% 3% 2% 2%

Footnote:

<none>

Source:

Global CO2 emissions, 1990-2035

million tonnes

International Energy Agency, World Energy Outlook 2012

Figure 29

2010-20

Coal 43

Gas 50

CCS 7

Wind 75

Solar 61

Other renewables 74

Nuclear 62

Footnote:

Source: International Energy Agency, Energy Technology Perspectives 2012

Annual power generation investment needed in 2010-2020 to meet 2-degree scenario

$bn

Numbers shown are the projected annual energy sector investment needed to stay within 2

degrees C temperature rise. These can be compared with the actual capacity investments reported

for 2012 within this Global Trends report, i.e., $77 billion for wind, $133 billion for solar, $50 billion

for other renewables including hydro, and $148 billion for net coal and gas additions.

Figure 30

Data: n/a

Footnote:

<none>

Source:

Support schemes for new renewable power projects in the EU-27, 2013


Figure 31

Data: n/a

Footnote:

Source:

The Database of State Incentives for Renewables & Efficiency (DSIRE) is a comprehensive

source of information on state, local, utility, and federal incentives and policies that promote

renewable energy and energy efficiency. Established in 1995 and funded by the US Department

of Energy, DSIRE is an ongoing project of the NC Solar Center and the Interstate Renewable

Energy Council.

Dsireusa.org.

US states with Renewable Portfolio Standards, and those without

Figure 32

LER 2009 A-3 2010 LER 2010 LER 2011 A-3 2011 A-5 2011 A-5 2012

Price 85.2 76.9 70.2 62.5 62.2 57.2 42.2

Footnote:

Source:

Power purchasing agreement prices for wind submitted in Brazilian auctions, 2009-2012

$ per MWh

The X axis shows different capacity and energy auctions. A-3 means project for delivery in three

years, A-5 projects for delivery in five years.


Figure 33

2004 2005 2006 2007 2008 2009 2010 2011 2012

Balance sheet 19.9 29.7 50.0 68.1 76.0 83.9 93.2 105.9 101.0

Project finance 4.7 13.7 21.5 31.3 46.6 25.4 48.6 69.8 45.9

Bond/other 0.2 0.6 0.6 1.2 1.5 1.0 2.0 4.4 1.6

Disclosed deal count 221 504 701 924 991 839 860 826 648

Total deal count 618 1049 1368 1692 1850 1755 2203 2453 1860

Footnote:

Source: Bloomberg New Energy Finance

Asset financing new investment in renewable energy by type of security, 2004-2012

$bn


Figure 34

2004 2005 2006 2007 2008 2009 2010 2011 2012

Europe 11.8 18.7 23.8 37.7 48.2 45.9 48.3 50.8 30.0

China 1.9 4.9 8.6 13.2 23.3 30.6 37.1 46.9 57.7

United States 3.9 8.5 22.1 25.9 22.3 12.0 22.8 45.5 23.4

Brazil 0.5 1.7 4.2 7.9 12.2 7.3 7.4 8.4 5.1

India 2.3 2.8 5.3 4.7 4.8 3.9 7.8 12.5 6.4

ASOC (excl. China & India) 2.8 4.1 4.4 6.5 7.0 5.0 6.2 6.4 8.0

AMER (excl. US & Brazil) 1.3 2.9 2.8 3.9 5.0 5.1 10.5 7.2 8.7

Middle East & Africa 0.3 0.3 0.8 0.8 1.3 0.4 3.6 2.3 9.3


Total deal count 618 1049 1368 1692 1850 1755 2203 2453 1860

Footnote:

Source: Bloomberg New Energy Finance, UNEP

Asset financing new investment in renewable energy by region, 2004-2012

$bn


Figure 35

2004 2005 2006 2007 2008 2009 2010 2011 2012

Wind 13.2 23.2 29.6 44.7 63.9 67.6 92.0 84.8 77.4

Solar 0.3 1.0 4.1 13.0 22.6 16.9 26.4 69.7 52.7

Biofuels 2.9 7.0 21.0 24.6 16.5 7.3 6.3 5.3 2.0

Biomass & w-t-e 5.9 7.5 10.9 10.9 13.3 11.8 12.2 11.1 7.4

Small hydro 1.4 4.4 5.1 5.6 6.5 4.9 3.6 6.2 7.4

Geothermal 1.1 0.8 0.7 1.5 1.2 1.7 3.2 2.9 1.6

Marine 0.005 0.03 0.8 0.4 0.02 0.1 0.03 0.1 0.1


Total deal count 618 1049 1368 1692 1850 1755 2203 2453 1860

Footnote:


Asset financing new investment in renewable energy by sector, 2004-2012

$bn


Figure 36

2012

China 14.0

Russian Federation 3.3

Vietnam 1.6

Brazil 1.3

Iran 0.8

India 0.5

Peru 0.2

Canada 0.2

Sri Lanka 0.2

Namibia 0.1

Guatemala 0.1

Pakistan 0.1

Chile 0.1

Footnote:

<none>

Source:

Large hydro capacity additions by country, 2012

GW


Figure 37

2004 2005 2006 2007 2008 2009 2010 2011 2012

Total 8.9 10.5 9.8 14.3 22.5 33.5 62.4 77.4 80.0

% Growth 18% -7% 46% 57% 49% 86% 24% 3%

Footnote:


Small distributed capacity investment, 2004-2012

$bn

Represents investments in solar PV projects with capacities below 1MW

Figure 38

Data: n/a

Footnote:

<none>

Source: BSW-Solar, California Solar Initiative filings, JPEA, Bloomberg New Energy Finance

Small PV system cost in Japan, Germany and California

$/W

Figure 39

2012 % growth on 2011 2011 blank series

France 2.7 -32% 4 0

Belgium 2.8 -19% 3 0

Greece 3.1 195% 1 0

United Kingdom 3.2 -16% 4 0

Australia 3.3 -30% 5 0

China 5.5 195% 2 0

United States 7.3 63% 4 0

Italy 13.0 -43% 23 0

Japan 13.1 56% 8 0

Germany 15.0 -15% 18 0

Footnote:

Source:

Small distributed capacity investment by country, 2012, and growth on 2011

$bn

Top 10 countries. Represents investments in solar PV projects with capacities below 1MW


Figure 40

Gross Net

China 45 28

Rest of world 9 5

Footnote:

<none>

Source:

Gross and net increase in Chinese and world solar water heater capacity, 2012

GWth

IEA-SHC, REN21 Global Status Report

Figure 41

2004 2005 2006 2007 2008 2009 2010 2011 2012

IPO 0.2 2.6 5.4 12.8 3.3 3.1 5.8 4.8 1.5

Secondary & PIPE 0.1 0.8 2.7 4.2 2.0 5.9 3.3 3.4 1.8

Convertible & other - 0.2 0.3 4.7 4.9 2.2 2.3 2.4 0.8

OTC 0.02 0.2 0.7 0.5 1.4 1.3 0.3 0.04 -

IPO/Secondary & PIPE/Convertible & Other/OTC deal count (6/8/0/4) (24/35/9/6) (39/55/10/17) (44/82/28/28) (16/50/22/20) (9/85/13/21) (32/73/22/14) (22/55/20/14) (15/52/20/0)

Total 0.0 0.3 3.8 9.1 22.2 11.6 12.5 11.8 10.6 4.1

Footnote:


Public market new investment in renewable energy by stage, 2004-2012

$bn

PIPE = private investment in public equity, OTC = over-the-counter

Figure 42

Data: n/a

Footnote:


NEX vs selected indices

Index values as of 15 April 2013; Nasdaq and S&P 500 rebased

to 100 on 1 January 2003

Figure 43

Data: n/a

Total

Footnote:


NEX vs selected indices

Index values as of 15 April 2013; Nasdaq and S&P 500 rebased

to 100 on 1 January 2011

Figure 44

2004 2005 2006 2007 2008 2009 2010 2011 2012

Solar 0.1 1.7 3.8 6.1 6.4 6.6 5.4 4.6 2.3

Wind 0.03 1.2 1.4 11.5 4.0 4.5 5.1 4.6 1.3

Biofuels 0.03 0.6 3.2 2.7 0.8 0.2 0.5 0.7 0.4

Biomass & w.t.e 0.01 0.2 0.2 1.3 0.1 0.5 0.5 0.2 0.1

Geothermal 0.1 0.0 0.5 0.3 0.4 0.4 0.1 0.4 0.01

Small hydro 0.02 0.01 0.02 0.1 - 0.2 0.2 0.1 0.03

Marine - - - 0.1 0.002 0.01 - 0.005 0.005

Total 0.3 3.8 9.1 22.2 11.6 12.5 11.8 10.6 4.1

Total deal count 18 73 120 182 110 128 141 109 81

Footnote:

<none>


Public market new investment in renewable energy by sector, 2004-2012

$bn

Figure 45

2012 % growth on 2011

Marine 0.01 16%

Geothermal 0.01 -97%


Biomass & w.t.e 0.1 -77%

Biofuels 0.4 -43%

Wind 1.3 -72%

Solar 2.3 -50%

Footnote:

<none>


Public market new investment in renewable energy by sector, 2012, and growth on 2011

$bn

Figure 46

2004 2005 2006 2007 2008 2009 2010 2011 2012

Europe 0.1 1.5 5.5 11.9 5.5 2.7 2.1 1.9 0.4

United States 0.2 0.8 2.8 5.1 4.8 3.3 2.7 1.2 1.0

China - - 0.1 1.1 0.2 4.6 5.0 5.0 2.0



Brazil - 0.4 - 1.5 0.5 - 0.1 0.2 0.2

India - 0.3 0.03 1.3 0.04 0.2 0.7 0.2 -

Middle East & Africa - - - - - - - 0.2 0.005

Footnote:

<none>


Public market new investment in renewable energy by region of exchange, 2004-2012

$bn

Figure 47

2012 % growth on 2011

Bern Stock Exchange 0.06 0 in 2011

Shenzhen Stock Exchange - Main Board 0.1 -88%

Toronto Stock Exchange (TSX) 0.1 -79%

Euronext Paris (PAR or EPA) 0.1 -50%

São Paulo (BOVESPA) 0.2 -25%

Oslo Stock Exchange (Oslo Bors) 0.2 0 in 2011

Taiwan Stock Exchange (TSEC) 0.3 119%

NASDAQ Global Select Market (GS) 1.0 66%

Hong Kong Stock Exchange (HKEX) 1.0 -41%

Shanghai Stock Exchange 1.0 -65%

Footnote:


Public market new investment in renewable energy by exchange, 2012, and growth on 2011

$bn

Top 10 exchanges

Figure 48

2012 % growth on 2011

Australia 0.03 -67%

Thailand 0.05 0 in 2011

Switzerland 0.06 0 in 2011

Canada 0.1 -73%

France 0.1 -50%

Brazil 0.2 -25%

Norway 0.2 0 in 2011

Taiwan 0.3 3%

United States 1.0 49%

China 2.0 -62%

Footnote:


Public market new investment in renewable energy by company nationality, 2012, and growth on 2011

$bn

Top 10 countries

Figure 49

2004 2005 2006 2007 2008 2009 2010 2011 2012

VC early stage 0.2 0.3 0.6 1.3 1.8 0.7 1.0 0.8 0.5

VC late stage 0.2 0.3 0.6 0.8 1.4 0.9 1.6 1.8 1.7

PE expansion capital 0.3 1.0 3.0 3.7 6.8 2.9 3.1 2.6 1.4

Total 0.7 1.6 4.2 5.9 10.0 4.5 5.6 5.2 3.6

% Growth 129% 159% 41% 71% -55% 23% -7% -30%


Total deal count 75 102 177 251 290 224 270 276 228

Footnote:

Source:

VC/PE new investment in renewable energy by stage, 2004-2012

$bn

Buy-outs are not included as new investment. Total values include estimates for undisclosed

deals

Bloomberg New Energy Finance, UNEP

Figure 50

2012 % growth on 2011 Disclosed deal count Total deal count

PE buy-out 2.4 -19% 11 26

PE expansion capital 1.4 -46% 47 53

VC bridge/interim 0.2 -17% 26 36

VC further rounds 0.7 -21% 22 23

VC series C 0.8 21% 29 30

VC series B 0.2 -49% 28 31

VC series A 0.3 -21% 40 47

VC seed/spin-off 0.02 146% 6 8

Footnote:


VC/PE new investment in renewable energy by stage, 2012, and growth on 2011

$bn


deals

Figure 51

2004 2005 2006 2007 2008 2009 2010 2011 2012

Solar 0.2 0.5 1.4 2.6 5.0 1.7 2.2 2.5 1.5

Biofuels 0.1 0.5 1.4 1.7 1.7 0.9 0.8 0.9 0.9

Wind 0.4 0.2 0.9 0.7 2.0 1.3 1.6 0.5 0.3

Biomass & w-t-e 0.1 0.3 0.3 0.5 0.6 0.5 0.4 1.0 0.5

Geothermal 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.3

Small hydro 0.0 0.0 0.1 0.0 0.4 0.0 0.4 0.1 0.0

Marine 0.0 0.0 0.1 0.2 0.1 0.1 0.1 0.0 0.1

Total 0.7 1.6 4.2 5.9 10.0 4.5 5.6 5.2 3.6

Footnote:


VC/PE new investment in renewable energy by sector, 2004-2012

$bn


deals.

Figure 52

Data:

Units: $bn 2012 % growth on 2011


Marine 0.1 146%

Wind 0.3 -42%

Geothermal 0.3 69%


Biofuels 0.9 5%

Solar 1.5 -41%

Footnote:


VC/PE new investment in renewable energy by sector, 2012, and growth on 2011

$bn


deals

Figure 53

2004 2005 2006 2007 2008 2009 2010 2011 2012

United States 0.1 0.9 1.7 2.4 5.3 2.4 3.4 3.0 2.6

Europe 0.5 0.5 1.3 1.5 2.5 1.1 0.8 1.0 0.7

China 0.0 0.1 0.7 0.4 0.6 0.1 0.1 0.3 0.01

Brazil - - - 0.8 0.4 0.5 0.6 0.1 -


India 0.05 - 0.1 0.2 0.4 0.2 0.1 0.4 0.1


Middle East & Africa 0.01 0.001 0.002 0.04 0.3 0.03 0.1 0.1 0.1

Footnote:


VC/PE new investment in renewable energy by region, 2004-2012

$bn


deals

Figure 54

2012 % growth on 2011

Brazil - -100%

China 0.01 -97%

AMER (excl. US & Brazil) 0.1 -85%

Middle East & Africa 0.1 -44%

ASOC (excl. China & India) 0.1 268%

India 0.1 -67%

Europe 0.7 -32%


Footnote:


VC/PE new investment in renewable energy by region, 2012, and growth on 2011

$bn


deals

Figure 55

2004 2005 2006 2007 2008 2009 2010 2011 2012

Corporate R&D 3 3 3 4 4 4 5 5 5

Government R&D 2 2 2 3 3 5 5 5 5

Total 5.0 5.0 5.5 6.3 6.8 9.2 9.2 9.5 9.6

% Growth 0% 12% 13% 8% 36% 0.4% 3% 1%

Footnote:

<none>

Source: Bloomberg, Bloomberg New Energy Finance, IEA, IMF, various government agencies

R&D investment in renewable energy, 2004-2012

$bn

Figure 56

Total


Marine 0.01 -26% 0.1 1% -4%

Geothermal 0.1 -7% 0.1 1% -1%

Small hydro 0.1 5% 0.2 7% 6%

Biomass & w-t-e 0.3 2% 0.3 2% 2%

Biofuels 0.5 2% 1.2 1% 2%

Wind 1.1 4% 0.6 3% 4%

Solar 2.6 -5% 2.2 4% -1%

Footnote:

<none>


Corporate and government R&D renewable energy investment by technology, 2012, and total growth on 2011

$bn

Corporate R&D Government R&D

Figure 57

Total


India 0.04 41% 0.05 5% 20%

Brazil 0.01 -21% 0.1 1% 0%

Middle East & Africa 0.1 3% 0.1 -3% -1%

AMER (excl. US & Brazil) 0.1 -6% 0.1 2% -1%

United States 0.9 3% 0.9 2% 2%

China 0.5 -10% 1.4 8% 2%

ASOC (excl. China & India) 1.2 -11% 0.8 2% -6%

Europe 2.0 6% 1.3 0% 3%

Footnote:

<none>


Corporate and government R&D renewable energy investment by region, 2012, and growth on 2011

$bn

Corporate R&D Government R&D

Figure 58

2004 2005 2006 2007 2008 2009 2010 2011 2012

PE buy-outs 0.8 3.8 1.8 3.6 5.5 2.5 1.9 3.0 2.4

Public market investor exits 0.0 1.4 2.7 4.2 1.0 2.6 4.7 0.1 0.4

Corporate M&A 2.4 7.9 12.7 20.4 18.0 21.5 18.0 29.5 7.1

Asset acquisitions & refinancing 5.4 12.8 18.4 30.4 34.9 37.7 33.9 40.9 42.3

Total 8.7 26.0 35.6 58.5 59.4 64.3 58.6 73.4 52.3


Total deal count 94 258 367 507 537 565 601 644 525

Footnote:


Acquisition transactions in renewable energy by type, 2004-2012

$bn


Figure 59

2004 2005 2006 2007 2008 2009 2010 2011 2012

Wind 5.4 17.4 22.6 32.4 38.9 34.8 30.5 41.0 32.6

Solar 0.4 0.9 4.5 11.3 10.6 15.6 14.2 22.0 14.1

Biofuels 0.2 0.8 5.2 5.4 4.4 7.0 8.2 5.7 1.7

Biomass & w-t-e 1.0 3.8 1.9 2.1 2.5 2.6 3.0 1.9 1.8

Small hydro 1.4 2.1 0.9 1.1 1.9 2.7 1.1 2.3 1.8

Geothermal 0.3 0.9 0.5 6.1 1.0 1.4 1.4 0.4 0.3

Marine - 0.1 0.05 - 0.1 0.1 0.2 0.1 0.04

Footnote:


Acquisition transactions in renewable energy by sector, 2004-2012

$bn


Figure 60

2012 % growth on 2011

Marine 0.04 -61%

Geothermal 0.3 -30%

Biofuels 1.7 -71%



Solar 14.1 -36%

Wind 32.6 -20%

Footnote:


Acquisition transactions in renewable energy by sector, 2012, and growth on 2011

$bn


Figure 61

2004 2005 2006 2007 2008 2009 2010 2011 2012

United States 3.0 8.7 11.4 19.6 13.9 17.1 17.7 16.8 22.2

Brazil 0.2 0.1 0.8 2.4 2.3 4.0 6.2 7.0 3.6


Europe 5.0 14.0 20.4 25.8 35.7 30.2 22.3 37.1 16.7

Middle East & Africa 0.1 - 0.0 0.1 0.1 0.6 0.1 0.2 0.1

China - - 0.1 2.0 1.8 5.3 3.5 3.2 0.5

India - 0.1 0.1 0.4 0.9 1.0 1.1 0.7 0.4


Footnote:



Acquisition transactions in renewable energy by region, 2004-2012

$bn

Figure 62

Data: n/a

Footnote:

<none>


New clean energy public equity funds launched, by year, 2000-2012

Figure 63

Data: n/a

Footnote:

<none>


Tier 1 green bond issuance, 2003-2013

$bn

Figure 64

2007 2008 2009 2010 2011 2012

Renewable energy 12.4 30.4 37.6 44.7 51.5 50.8

Efficiency, transmission, distribution 3.4 13.8 25.9 24.1 28.7 28.3

Total 15.8 44.2 63.5 68.7 80.1 79.1

Footnote:

<none>

Source:

Development bank finance for broad clean energy, transmission and distribution, 2007-2012

$bn

Bloomberg New Energy Finance, development banks

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