Global investment in renewables fell in 2013

Global investments in renewable energy fell for a second year in row in 2013, Bloomberg reports.

Europe led the downward trend with a 41 percent cut in support for clean power. Total investments worldwide fell 12 percent from 2012 to $254 billion.

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The news comes on the heels of United Nations meeting with more than 500 policy makers and financial executives, who are pressuring investors to step up on renewables.

“The top-line figures don’t tell the whole story,” Michael Liebreich, CEO of Bloomberg New Energy Finance, said in the statement. “Investment in Europe crashed, in large part due to the falling cost of solar installations.”

The U.S. fell 8.4 percent to $48.4 billion last year as well.