A new report from the United Nations Environment Programme, ‘Global Trends In Sustainable Energy Investment 2007′, says that global investment in sustainable energy has increased from $80 bn in 2005 to a record $100 bn in 2006.
The EU and the US were responsible for over 70% of investment in 2006, but the increase from 15% to 21% in developing economies is encouraging.
Renewables produce about 2% of the world’s energy, but now account for about 18% of global power generation investment, with wind technologies leading the way. Solar and bio-fuels grew even more quickly than wind, but from a lower base.
This sustained growth, in what can no longer be dismissed as a ‘niche’ sector, is attributed to concern over climate change, high oil prices and growing government support.