Investment in renewable energies down in 2013. - Investment in renewable energies - not including large hydroelectric dams - was down in 2013, according to a study by the United Nations Environment Programme (UNEP). Globally, investment stood at $214 billion, or 14% less than in 2012 and 23% less than in 2011, the record year. The drop was particularly steep in Europe, which was overtaken by China for the first time. UNEP attributes this decline to two main factors: political uncertainty on several markets, with doubts over the future of certain subsidies and support measures for green energy, and falling equipment costs in the solar energy sector. Solar ($114 billion; -20% in 2013) and wind power ($80 billion; -1%) continue to be the two sources of renewable energy which attract most of the investments, by some distance. For their part, bio-fuels dropped to their lowest level in nine years ($8 billion; -26%) whilst biomass and energy from waste also fell ($8 billion; -28%). Small-scale hydro electricity (less than 50 MW) also dropped, falling to $5 billion (-16%). In terms of geographical areas, despite a 6% drop in investments in 2013 to $56 billion, China becomes the world's largest market for renewables ahead of Europe, which has lost the top spot. Activity was down by 44%, falling to $48 billion on the continent of Europe. They are followed by the United States (-10% to $36 billion) and Japan (+80%, to $29 billion), the latter having experienced a boom in photovoltaic power, following the shutdown of its nuclear reactors. Following nine years of growth, investment in the emerging countries dropped for the first time last year (-14%; $122 billion). However, UNEP puts these figures into perspective by stressing that the cost of land wind power and photovoltaic panels has fallen by 25% and 53% respectively since mid-2009, which has meant that less investment is required for an identical project. (IL)