The United States government has been urged to provide greater policy stability for the renewables market, after a new report found global clean energy investment could total $1.9tr (£1.2tr) between 2012 and 2018.

The Pew Charitable Trusts published research yesterday predicting revenue from the installation of renewable energy technologies, including wind and solar projects, would grow at a compound annual rate of eight per cent from $200bn in 2012 to $327bn by 2018, delivering cumulative revenue of $1.9tr.

The report suggested the US could secure 14.5 per cent of that revenue, equal to $276bn over the next six years.

However, Pew warned the US could fail to capitalise on the opportunity, because of uncertainty about government policies, including the future of recently extended tax breaks for wind farm developers, which are again scheduled to expire at the end of this year.

The study also detailed the results of roundtable discussions with industry representatives in which they discussed barriers to investment in clean energy.

“Industry is telling us in no uncertain terms that the United States needs to adopt clear, consistent, long-term energy policies that allow American businesses to thrive, make our country more energy secure, and advance environmental imperatives,” said Phyllis Cuttino, director of Pew’s Clean Energy Program.

“Our research shows that there is a multi-trillion-dollar opportunity in the clean energy sector. US industry has the capacity to be a leader, provided we have the right policies in place.”

Pew made a series of recommendations for the US that would provide greater stability to markets. They include establishing a clean energy standard to guide deployment and investment and significantly scaling up energy research and development funding.

It also urged the government to enact a multi-year, but time-limited extension of tax credits for clean energy sources and renew incentives for domestic clean energy manufacturing.

“It’s time for Congress to support a comprehensive energy strategy by delivering long-term certainty for businesses and investors in renewable power,” said Cuttino.