However, 2012 marks a turning point for global renewable energy investment, as developed markets start to close the door on generous subsidy programs and traditional access to capital in
equity markets continues to be difficult in the face of ongoing economic uncertainty. The global recession and persisting fiscal barriers have clearly impacted developed markets more than emerging markets, but the situation has been even more challenging for publicly traded companies in these markets. Asset valuations and net income reductions are evidence of the
challenges being posed by decreasing liquidity and increasing competition for financing, as well as post-recession fiscal austerity.
Perhaps inevitably, therefore, new investment levels for the clean energy sector are forecast to decrease in 2012 compared with 2011. Third quarter 2012 investment figures were 20% lower than the same period in 2011, though this still amounted to more than US$50b (€38.63b), broadly equivalent to total global investment in clean energy in the whole of 2004.