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Investments in renewables surpass the ones in traditional energy
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"Governments need to seal the deal on a new climate agreement in Copenhagen", said
Achim Steiner, UN Under-Secretary General and UNEP Executive Director.
(AP Photo/Keystone, Martial Trezzini)
A new report released today finds that renewables get more investments than fossil-fueled energy technologies; $155 billion was invested in clean energy in 2008 with investments in emerging economies rising 27%.
“Without doubt the economic crisis has taken its toll on investments in clean energy when set against the record-breaking growth of recent years”, said Achim Steiner, UN Under-Secretary General and UNEP Executive Director. “Investments in the United States fell and in Europe growth was very much muted. However, there were also some bright points in 2008 especially in developing economies – China became the world’s second largest wind market in terms of new capacity and the world’s biggest photovoltaic manufacturer”.
According to the report “Global Trends in Sustainable Energy Investment 2009” prepared for the UN Environment Programme’s (UNEP) Sustainable Energy Finance Initiative by London based New Energy Finance, the 2008 investment is more than a four-fold increase since 2004 and surpassed 2007’s record by 5%.
Wind power tops overall investments thus confirming its status as the most mature and best-established sustainable generation technology. However, Solar is making the largest gains growing 49%, and geothermal energy sees the fastest growth. Investments in biofuel on the other hand fell 9% due to high wheat prices, lower oil prices and an increasingly heated food versus fuel debate and in the second half of 2008 investments in second-generation biofuels such as algae, crop technologies and jatropha for the first time exceeded first-generation biofuels.
China led new investments in Asia with an 18% increase over 2007, mostly in new wind projects and some biomass plants. Investments in India grew 12%, and Brazil accounted for almost all renewable energy investment in Latin America with ethanol receiving $10.8 billion, a 76% increase from 2007. In comparison investments in North America fell 8% and increased only 2% in Europe.
“Developing economies such as Brazil, Chile, Peru and the Philippines have brought in, or are poised to introduce policies and laws fostering clean energy as part of a ‘green economy’”, said Mr. Steiner. “Mexico for example, the global host of World Environment Day on June 5, is expected to double its target for energy from renewables to 16% as part of a new national energy policy”.
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