Strong support from Goldman Sachs despite drop in renewable energy investment

Global investment company Goldman Sachs is set to invest $40 billion (€31.8 billion) in renewable energy projects over the next ten years.

Despite that figure being lower than the $4.8 billion it put into clean technology companies worldwide in 2011, Goldman Sachs allegedly see the earning potential in growing economies such as China, Brazil, India and Europe.

The investments will be targeted at all manner of renewable energy including biofuels, biomass conversion, energy storage and green transportation.

The head of the environmental markets at Goldman Sachs, Kyung-Ah Park, has been quoted as saying that although it recognises the current renewable energy market isn’t as strong as it was due to the global financial crisis ‘the underlying thesis as to why cleaner and more sustainable forms of energy need to scale up still holds true’.