2010 a record year for clean energy investment

• 13 years ago (2011-01-18)
• Junior Isles

Asia 892 Europe 1089 North America 1021 Renewables 776

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Global investment in clean energy reached a record of $243 billion in 2010, a 30 per cent increase on 2009 levels, according to research house Bloomberg New Energy Finance (BNEF).

“2011 will have to be a very strong year to beat 2010. At this stage, the signs are encouraging,” said Michael Liebreich, chief executive of London-based BNEF, citing the likelihood that costs will come down for solar panels and wind turbines, and the increasing availability of private sector debt and equity finance.

“This is a spectacular result, beating previous record investment levels by a clear margin of more than $50 billion,” he added. “We have been saying for some time that the world needs to reach a figure of $500 billion per annum investment in clean energy if we are to see carbon emissions peak by 2020. What we are seeing in these figures for the first time is that we are half-way there.”

China led the way in 2010, with a 30 per cent increase from 2009 in investment in clean energy assets, listed equity, private equity and R&D, to $51.1 billion – the largest figure for any country, BNEF said.

A surge in investment in smaller-scale renewable power, or ‘distributed generation’, projects also contributed to the record year, with a 91 per cent increase in investment to $59.6 billion.

The solar sector saw a 49 per cent increase in investment to $89.3 billion, largely driven by this rush into small-scale projects, particularly in Germany, the US, the Czech Republic and Italy.

Global wind investment grew 31 per cent to $96 billion and BNEF noted that investment in China and large offshore wind farms in Europe accounted for 38 per cent of the total investment in 2010.