Despite global struggles with the economy, investments in renewable energy technologies have continued to grow in 2011. New investments in renewable power and fuels (excluding large hydropower and solar hot water) reached $257 billion, and increase $37 billion from 2010. This according to research conducted by the WorldWatch Institute’s Climate and Energy program. In addition, during 2011, investments in renewable energy were $40 billion greater than in fossil fuel based technologies.
- Total renewable energy investment in industrial countries accounted for 65 percent of global investment. This is an increase of 21 percent to $168 billion in total.
- The 35 percent of global new investment that went to developing countries increased 10 percent to $89 billion. Of this total, China, India and Brazil accounted for $71 billion.
- “Financial new investment” in renewable energy installations in industrial countries outpaced investments in developing world. In 2010 investments in this category in developing countries surpassed those in industrial countries.
- Driven by a 50 percent reduction in price from 2010 to 2011, $147.4 billion was invested in solar compared with $83.8 for wind projects and $10.6 billion for biomass and waste-to-energy.
- Biofuels attracted the fourth highest total investment with $6.8 billion, followed by $5.8 billion for small hydro and $2.9 billion for geothermal installations. Continue reading