Investment in renewable energy gaining momentum

Investment in renewable energy grew from US$162 billion in 2009 to US$180-200 billion in 2010, according to the United Nation’s environmental unit (UNEP). Major players in global investments in clean energy are Brazil, China and India. Pavan Sukhdev, head of the United Nation’s Green Economy Initiative indicated that these three countries could be responsible for investments in renewable energy that could reach US$240 billion in 2011. The trend towards renewable energy initiatives appears to be because governments are seeking alternatives to rising oil prices. Cheaper sources of energy such as solar, wind and ethanol could be the answer to affordable sustainable energy sources and cleaning up the environment. “Adverse effects of climate change have forced countries to look for ways of cutting gas emissions and encouraging eco-friendly systems,” said Sukhdev. (February 24, 2011)