Australia's renewable energy investment drops by 35 per cent: report

While investment in renewable energy has increased across the globe, Australia’s investment has dropped by 35 per cent, the lowest since 2009, a new report has revealed.

Australia's investing in new renewable energy dropped in 2014, going against the global trend. (AAP)

• Australia second worst on climate change: report

Investment in renewable energy is on the up across the globe, with $US310 billion US ($A380 billion) of new investments in renewables during the December quarter last year.

However, the report from Bloomberg New Energy Finance (BNEF) said Australia bucked the trend, with a drop in its new renewable energy investment.

“In Australia, clean energy investment tumbled 35 per cent to $3.7bn, the lowest since 2009, as wind and solar project developers delayed decisions while they awaited the government's response to its Renewable Energy Target review,” the report from BNEF finance said.

"We recorded zero investment in the wind sector," the Sydney Morning Herald reported lead analyst for BNEF in Sydney, Kobad Bhavnagri, as saying.

Last year, the federal government appointed climate change sceptic Dick Warburton to head up the Renewable Energy Target review, which recommended the target be scaled back.

The target was established in the Howard era and attracted by-partisan support for years.