CLEAN ENERGY $148 bn, 60% up 2007 by UNEP/Steiner

by SOLARLIFE | July 1, 2008 at 02:58 pm | 161 views | add comment

With end of cheap oil, renewables and energy efficiency attracts fast-growing interest;
New investment surpasses $148 billion in 2007, a 60% rise from 2006, Growth continues in 2008, UNEP study says

Climate change worries, growing support from world governments, rising oil prices and ongoing energy security concerns combined to fuel another record-setting year of investment in the renewable energy and energy efficiency industries in 2007, according to an analysis issued Tuesday July 1 by the UN Environment Programme(UNEP).

"The clean energy industry is maturing and its backers remain bullish. These findings should empower governments-both North and South-to reach a deep and meaningful new agreement by the crucial climate convention meeting in Copenhagen in late 2009," Achim Steiner, the head of UNEP, says.

Over $148 billion in new funding entered the sustainable energy sector globally last year, up 60% from 2006, even as a credit crunch began to roil financial markets, according to the report, "Global Trends in Sustainable Energy Investment 2008," prepared by UK-based New Energy Finance for UNEP's Paris-based Sustainable Energy Finance Initiative.

Wind energy again attracted the most investment($50.2 billion in 2007), but solar power grew most rapidly:attracting some $28.6 billion of new capital and growing at an average annual rate of 254% since 2004, driven by the advent of larger project financings.

goldrush
"Just as thousands were drawn to California and the Klondike in the late 1800s, the green energy gold rush is attracting legions of modern day prospectors in all parts of the globe,"says Mr Steiner, who is also a UN Under-Secretary General.

money flow
Most of the new money flowed into Europe, followed by the USA. However, China, India and Brazil draw growing investor interest, their share of new investment growing from 12% in 2004 to 22% in 2007, an increase in absolute terms of 14 times, from $1.8 billion to $26 billion.

Renewables 10x nuclear 2007
With 31 gigawatts of new installed generation, sustainable energy accounted for 23% of new power capacity added globally in 2007, about 10 times that of nuclear.

Intelligent civil society
De-central renewable power sharpens local business and
job creation. 350 000 jobs created in germany.