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Quest for renewable energy is new 'green gold rush': UNEP
Nairobi (AFP) July 1, 2008 A green "gold rush" is underway, the UN Environment Programme (UNEP) said Tuesday as it announced a 60 percent rise in new investment entering the sustainable energy sector in 2007. More than 148 billion dollars (93 billion euros) of new funds were ploughed into the quest for cleaner energy last year. The current demand for solar, wind and biofuel energy is powered by prevailing climate change worries, support from world governments and rising crude oil prices, UNEP said. "Just as thousands were drawn to California and the Klondike in the late 1800s, the green energy gold rush is attracting legions of modern-day prospectors in all parts of the globe," UNEP Executive Director Achim Steiner said in a statement. "What is unfolding is nothing less than a fundamental transformation of the world's energy infrastructure." The rise in investment comes despite a credit crunch hitting financial markets, according to UNEP's Global Trends in Sustainable Energy Investment 2008 report, released here on Tuesday. Wind energy attracted the highest investment, raking in 50.2 billion dollars. By March 2008, the globally-installed wind capacity had surpassed 100 gigabites. Solar power grew most rapidly, attracting some 28.6 billion dollars in new capital and growing at an average annual rate of 254 percent since 2004, driven by the advent of larger project financings, the report added. Biofuel investment declined by a one-third to 2.1 billion in 2007, new investment shifting from the US to the rapidly-expanding Brazil, India and China. Much of the new cash flowed into Europe, followed by the USA, but China, India and Brazil are drawing increasing investor interest, with new investment in the three nations up from 12 percent in 2004 to 22 percent last year, an increase from 1.8 billion dollars to 26 billion. Effectively, China, India and Brazil accounted for nearly a quarter of the new investment in clean energy. Sustainable energy accounted for 23 percent of new power capacity added globally in 2007, about 10 times that of nuclear, the report added. "Investment in the sustainable energy sectors must continue to grow strongly if targets for greenhouse gas reductions and renewables and efficiency increases are to be met," according to the report. "Investment between now and 2030 is expected to reach 450 billion dollars a year by 2012, rising to more than 600 billion dollars a year from 2020." The report added that biomass and geothermal have been lined up as the next big things as the world strives to replace fossil-based energy blamed for contributing to globl warming. Related Links
IEA to push G8 leaders to commit to energy efficiency: director
Madrid (AFP) July 1, 2008The head of the International Energy Agency said Tuesday he would press G8 leaders at a summit next week to adopt commitments to energy efficiency measures as part of the fight against climate change. |
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