WHO IN THE WORLD IS BUYING NEW ENERGY
Brazil, China, India leading in clean energy investment world record
July 13, 2011 (The Climate Group)
"A new report…shows that developing countries such as Brazil, China and India invested more in renewable energy than developed countries like the US and UK last year, helping worldwide investment grow by 32% and reach a record high of US $211 billion…This new total is up a third from 2009 renewable investment and the report states that clean energy is now responsible for over 5% of the world’s total power production.
"The report…also says that for the first time, developing economies overtook developed countries in terms of ‘financial new investment’, spending on utility-scale renewable energy projects and provision of equity capital for renewable energy companies…
US $72 billion was invested in developing countries compared to US $70 billion in developed economies, which contrasts with 2004, when financial new investments in developing countries were about one quarter of those in developed countries…"
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"China accounted for 70% of the total with US $50 billion put into clean energy projects, primarily in wind power…The Middle East and Africa witnessed the largest leap, with their combined investment doubling to US $5 billion…Including Brazil, Central and South America rose 39% to US $13.1 billion, with Mexico seeing the biggest jump to US $2.3 billion…India ranked eighth in the world growing by 25% to $3.8 billion, with wind projects as the biggest single item at $2.3 billion, followed by $400 million each for solar, and biomass and waste-to-energy.
"Together, the developing countries account for more than half of global renewable energy power…The report notes that the recession in the G-7 countries and the dynamism of China, India, Brazil and other important emerging economies has transformed the balance of power in renewable energy worldwide…[I]n an increasing number of cases, renewable energy is not just one of the easiest non-grid-connected options to establish, but also more cost-effective than the fossil fuel alternatives…[T]he growing trend of taking up renewable energy options might just result into developing economies 'leapfrogging' developed countries in their use of renewable energy over the coming decade."