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Renewable Energy now the global mainstay for investment in electricity generation

Posted: 28 October, 2009 • Category: News • Tags: Renewable Energy • Comments(1)

In June, the Sydney Morning Herald ran a story highlighting recent figures from the United Nations revealing that renewable energy has overtaken fossil fuels in attracting investment for electrical power generation. In 2008, $US140 billion was invested in wind, solar, hydro and other renewable technologies compared with $US110 billion in gas and coal. More than a third of this investment in renewable energy was destined for Europe, however, the biggest growth in investment came from China, India and other developing nations. Wind power attracted the largest investment in renewables, followed by solar and biofuels.

The recent economic slump has seen overall investment to date in 2009 fall 2% in the west, although signs of recovery are evident. Developing countries led by China and India have risen 27%. The UN states that US$750 billion needs to be spent worldwide on renewables between now and 2011.

Comments

Great news for tackling climate change!