’11 Global Renewable Energy Investment Highlights

Renewable energy investment around the globe rose 5 percent to $260 billion in 2011, following 31 percent growth in 2010 and 1 percent in 2009, says Bloomberg. The rise was driven mainly by a 36 percent surge in solar, to $136.6 billion, and a 33 percent jump in total U.S. investment.

The percent gain in the U.S. outpaced China for the first time since 2008. China gained only 1 percent, to $47.4 billion, in 2011.

Europe’s renewable energy spending, driven by solar installations in Germany and Italy, increased by 3 percent to $100.2 billion. New offshore wind financings, representing installed capacity of about 2,844 MW, also helped drive Europe’s increase, says Bloomberg.

India posted the biggest growth in spending, rising 52 percent to $10.3 billion. Brazil’s investment in renewable energy increased by 15 percent to $8.2 billion.

The new investments in solar, which almost doubled wind power’s investment of $74.9 billion, brought new global solar capacity up to about 28 gigawatts, an increase of 54 percent, says Bloomberg.

Solar subsidies drove major price declines for PV panels and a boom in installations across Europe in 2011. Germany, Italy and the U.K. are now rolling back their subsidies, so-called “feed-in tariffs,” as they have exceeded their spending caps.

The U.K. increased its solar capacity tenfold last year and Energy Secretary Chris Huhne twice moved to rein in the subsidies, sparking industry groups to sue the government in order to slow down the cuts, according to Businessweek.

To read the full article by Bloomberg cited in this story, click here

To read the full article by Bloomberg cited in this story, click here

To read the full article by Businessweek cited in this story, click here

 

 

 

Tags: Fundings

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