IEA: Clean tech investments set to fall by 40% in ’09
The International Energy Agency (IEA) says the global recession could slow down efforts to curb CO2 emissions as investments in crucial clean tech continue to fall because of a lack of access to financing.
Environmental Capital writes that the Paris-based IEA predicts worldwide investment in wind and other renewable power generation in 2009 may fall by almost 40% to $51 billion. “There is a very real risk that [the recession] will derail efforts to reach a deal on climate change,” the agency writes.
The report will be presented at a weekend summit in Rome of energy ministers from G-8 countries. Leader of the G-8 countries will also get to see the report when they meet in July in L’Aquila, the mountain town that was devastated by a quake in April. Last Month Italian Prime Minister Silvio Berlusconi relocated the summit from Sardinia to the earthquake-stricken region.
