IEA: Investment in Renewables Fell 20 percent During The Recession
Investment in renewable energy has fallen by 20 percent in late 2008 and 2009 and would have dropped 30 percent absent governmental green stimulus packages, according to the International Energy Agency’s World Energy Outlook.
Weak fossil fuel prices during the recession have also undermined investment in renewables, the report finds.
The outlook presents a complex picture for green energy.On the one hand, the financial crisis offers an opportunity for countries to establish a framework for limiting CO2 concentrations to 450 parts per million, since the recession has suppressed industrial output.
On the other, the postponement of energy projects means that less renewable capacity will be added. Energy prices could surge once growth returns in earnest and strangle the recovery.
We’ll be chewing on this report more as they day goes on.
