Two major solar projects in the United Arab Emirates (UAE) are driving a resurgence in renewable energy investments worldwide, according to Bloomberg New Energy Finance (BNEF).

The $64.8 billion invested globally in the second quarter of 2017 is the second highest since the same quarter in 2016, with the UAE projects contributing $1.9 billion.

Victoria Cuming, head of policy for Europe, Middle East and Africa at BNEF, said: “The UAE deals are the largest in that country to date by far, and show that its auction programs are leading to the commitment of hard cash by banks and equity providers. They also signal that oil-producing countries are warming to renewables as part of moves to diversify their economies.”