Global investment in renewable energy rose nearly a third in 2010 compared with the previous year to a record $211 billion on large wind projects in China and small-scale roof-top solar installations in Europe, the United Nations Environment Program said Thursday in its annual report on the sector.
Global investment in renewable energy rose nearly a third in 2010
compared with the previous year to a record $211 billion on large wind projects
in
China
and
small-scale roof-top solar installations in
Europe
, the
United Nations Environment Program said Thursday in its annual report on the
sector.
The figure was up on a revised sum of $160 billion for 2009 and $159 billion in
2008 and was driven by stimulus package funds making their way into the market
coupled with government policies, subsidies and targets for the sector, the
report said.
Developing countries, led by
China
but
also including
India
and
countries in
Africa
, drove the increase in
spending, overtaking new investment in developed economies for the first time.
"Renewable energies are expanding both in terms of investment, projects
and geographical spread," said UNEP Executive Director and U.N. Under
Secretary-General Achim Steiner.
According to the report, which was prepared for UNEP by Bloomberg New Energy
Finance, developing countries accounted for over $72 billion of "financial
new investment" in renewables compared with $70 billion in developed
countries.
The report defines financial new investment as spending on utility-scale
renewable energy projects, and finance from venture capital, private equity and
via public markets. It doesn't include small-scale projects and research and
development, where developed economies continue to lead the way in investment.
Last year,
China
was
responsible for $48.9 billion of financial new investment, up 28% on 2009, with
asset finance of large wind farms dominating the figures.
"But the developing world's advance in renewables is no longer a story of
China
and
little else," the report said.
In 2010, financial new investment in renewable energy doubled to $5 billion in
the Middle East and Africa region, and by 39% to $13.1 billion in South and
Central America," according to the report.
The increase in China was driven by a combination of government policy and
subsidy support, while rises elsewhere in the developing world were driven by a
pressing need for new power generating capacity to meet surging demand and in
some cases superior natural resources that can be harnessed for energy, such as
solar in the Middle East and wind power elsewhere.
Meanwhile, in
Europe
, financial new investment
declined 22% to $35.2 billion last year due to the recession.
But the drop in financial new investment in
Europe
was
more than offset by a surge in small-scale renewables installation, mostly
rooftop solar, in
Germany
,
Italy
and
the
Czech
Republic
spurred by generous government subsidies and a sharp fall in the cost of
photo-voltaic modules.
The small-scale solar market is expected to remain strong this year, despite
recent moves by many countries to cut back on the subsidies, the report added.
Challenges to investment in 2010 included weaker gas prices, which encouraged
generators in the
U.S.
,
Europe
and
elsewhere to build more gas-fired power plants and pressured power purchase
agreements available for renewable energy projects.
Furthermore, pessimism about future profit growth in renewables companies has
resulted in clean energy shares underperforming by over 20% compared with wider
indices, the report said.
Activity in the first quarter of 2011 was subdued as investors had rushed to
complete transactions by the end of 2010 before attractive subsidy deals
expired.
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