There’s no doubt about it, the world is starting to invest in renewable energy. Green energy investment is at record levels with last year’s total spending at 211 billion dollars. From 2009, 2010’s spending is a rise of 32 percent.
For the first time in history developing countries have outdone rich economies in renewable energy. China’s 48.9 billion dollar investment on green energy accounted for more than a fifth of the total by making up 28 percent of the 211 billion dollars spent last year.
Though china was a main contributor to the rising statistic, a “combination of factors were behind the global surge, said the report” (AFP). Including “stimulus money earmarked after the 2008 financial crash that was now finding its way into the market, sustained prices for fossil fuels, and government perks such as feed-in tariffs for cleaner power” (AFP).
Last year renewable power comprised 8.1 percent of the total world power generation capacity compared to 7.1 percent in 2009. In what field are these global numbers of green energy investment rising?
Wind technology has continued to dominate the renewables sector. In 2010 it accounted for 94.7 billion dollars of investment. Solar investment falls in second at 26.1 billion and biomass and waste-to-energy projects make up 11 billion.
Though solar may be second to wind technology overall, its percentages nearly catch up in small-scale installations. “Small-scale solar sector doubled in value last year, helped by feed-in subsidies especially in Germany, France, Italy and the Czech Republic” (AFP).
A major reason for the increase in wind and solar energy is because the cost-effectiveness has risen greatly. “The price of PV panels per megawatt (MW) has fallen by 60 percent since mid-2008 and that of wind turbines by 18 percent” (AFP).
Renewables could soon become the leading energy source with numbers in green energy investment rising every year. Countries throughout the world are starting to make the shift. The Middle East and Africa was up 104 percent last year, India saw a rise of 25 percent. South and Central America had an increase of 39 percent to 13.1 billion.
“By early 2011, the report added, 119 countries around the world had policies or targets in place to support renewables, more than half of them in the developing world” (AFP). There’s no doubt about it, the world is starting to go green!