A report by a clean energy advocacy group says Canada is falling behind its major trading partners in renewable energy investment.
The report from Clean Energy Canada released Monday found that spending around the world increased seven per cent to a record $497-billion in 2015.
However, the report said that though Canada remains ranked eighth in the world in terms of absolute dollars, spending on clean power in Canada declined by about half,
Clean Energy Canada’s Merran Smith suggests government-set targets and goals for wind and solar power in regional energy grids is the best way to spur Canadian investment,
Smith cited the lack of new government targets and regulations for the use of renewable energy as the cause for Canada’s decline.
The report says U.S. spending was up seven per cent, 23 per cent in the U.K. and India India and 17 per cent in China. Mexico increased its investments by 114 per cent.
About $218 billion went toward solar energy and about $150 billion was spent on wind power, the two largest types of investment.
The study found that the largest chunk of that money–$226 billion–was spent in developing countries.
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