BNEF reported a significant drop in offshore wind investment — down from $11.5 billion in Q1 2016 to just $4.6 billion this year.
Clean energy investment also fell in the US — down by 24% to $9.4 billion, and in China, which saw an 11% drop to $17.2 billion.
But the fall in investment does not necessarily translate into slower growth for renewable energy.
"Q1 this year reflects, once again, the declines in average capital costs per megawatt for wind and solar," said BNEF chief executive Jon Moore.
"This trend means that year-by-year it is possible to finance equivalent amounts of capacity in these technologies for few dollars," he said.
"It was a relatively quiet first quarter for global investment, but it’s too early to assume that 2017 as a whole will be lower than last year," said BNEF clean energy economics analyst Abraham Louw.
"BNEF analysts are currently expecting both wind and solar to see similar — or higher numbers of megawatts added this year than last."