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China leads the world in renewable investments

According to a new report, ‘Who’s Winning the Clean Energy Race? Growth, competition and opportunity in the world’s largest economies,’ China is the front-runner for investing in renewable technology, while the US and the UK are trailing behind in second and third places.
In 2009 the UK invested around $11.2 billion (€8.3 billion), while China invested around three times this with $34.6 billion. The US was found to have spent $18.6 billion.
US researchers The Pew Charitable Trusts found that the renewables sector has undergone ‘remarkable growth’ with global clean energy investments totalling $162 billion last year despite the global financial downturn.
Worldwide, investments into clean energy have risen 230% since 2005 and this is expected to reach $200 billion in 2010. According to the Pew investment in the UK alone has increased by 127% over the last five years.
G-20 members were responsible for more than 90% of investments into worldwide clean energy, with nearly 10% of these members occurring in the UK. With investments booming over 250GW of green energy generating capacity has been installed worldwide, producing 6% of the world’s total energy.
The report also found that countries such as China, Brazil, Spain, Germany and the UK have renewable energy policies in place and as a result they have the healthiest green energy sectors as a percentage of their markets. On the other hand, nations without mandates in force were lagging behind. These countries include the US, Japan and Australia.
According to Phyllis Cuttino, director of the Pew environment group’s global warming campaign, countries all over the world are starting to realise the true potential of investing in renewables. She said: ‘Even in the midst of a global recession the clean energy market has experienced impressive growth.’