Treaty or Not Global Renewable Energy Investments to Climb to $200B
Prospects for a comprehensive climate change treaty in Copenhagen are dim but the investment outlook in cleantech remains extremely positive. Bloomberg News, citing data from market research firm New Energy Finance, reports that companies and governments will invest $200 billion in renewable energy next year, up nearly 50 percent from $130 billion invested in 2009 and above the $155 billion invested in 2008.
Whatever the outcome in Copenhagen — and they’re not good — utilities and energy companies, among others, are going green, many having accepted that it’s a matter of time before the pricing of carbon becomes a reality.
Driving most of these investments are the large state-funded and green-focused economic stimulus programs that have been implemented over the past year. Bloomberg, again citing New Energy Finance, says government spending on green energy is expected to double in 2010 to about $60 billion.
Leading the way is China, which is planning to spend some $220 billion over the next two years. Beyond environmental concerns Beijing is betting on cleantech as a way to establish itself as a technology innovator. The U.S. has dedicated about $37 billion of its $787 billion stimulus to renewable energy.
