Clean Energy Investment Up Worldwide Despite Economy

Vivi Gorman
Posted on Wednesday 3rd June 2009

A report released June 3 by the United Nations Environment Programme (UNEP) Sustainable Energy Finance Initiative states that $117 billion was invested in renewable energy projects, including geothermal, wind, solar and biofuels, in 2008. This is a five percent increase since 2007, mostly attributable to emerging economies such as China and Brazil.

The report was prepared by global information provider New Energy Finance.

While investment in the U.S. fell two percent, China moved into the second largest market for wind energy, the report said. Chile, Peru and the Philippines are expected to promote policies to bring green energy, it said.

The most investment was devoted to wind, with solar and biofuels following in line. The global economic crisis has prompted countries such as the United States, China, Japan, the Republic of Korea and some European countries to establish stimulus packages promoting energy efficiency. Funding of renewable energy slowed in 2008 in Europe and North America but picked up in developing countries like China, India and Brazil.

A more paramount opportunity can be created at the much-anticipated UN climate summit in Copenhagen in December, the UNEP remarked.

UNEP estimates that between 2009 and 2011, at least $750 billion (37 percent of current economic stimulus packages) is necessary to support sustainable economic recovery through investments in the greening of five key sectors of the global economy: buildings, energy, transport, agriculture and water.

An increasing focus on reducing global carbon emissions is translating into investments in clean energy national priorities, UNEP says.

test image for this block