Renewable energy tops investments in carbon-based fuels

Global investments in renewable energy overtook investments in carbon-based fuels for the first time in 2008, attracting a record US$155 billion, a United Nations (UN) report said. Of the amount, US$36 billion was invested in producing clean energy in emerging economies such as China, an increase of 27% compared to 2007. The 2008 investment was more than four times higher than investments in 2004, said the UN Sustainable Energy Finance Initiative (UNSEFI), which is under the UN Environment Program. Wind power attracted the highest new investment with US$51.8 billion, although solar energy made the largest gains, up 49% to US$33.5 billion. Biofuels’ investment, however, registered a 9% decline to US$16.9 billion. New investments in green energy in the first quarter of 2009 fell by 53% to US$13.3 billion compared to the same period in 2008, amid the global economic recession. Stimulus packages put together by governments to shore up their economies helped boost the sector, UNSEFI said, with many of them pumping funds into green projects and research into renewable energy sources. (June 4, 2009)