New research from The Pew Charitable Trust has shown investment in clean energy continued to surge in 2011 in G20 nations, rising to $263 billion, representing a 6.5 percent increase on the year before.
The report, entitled "Who’s Winning the Clean Energy Race?" examines the growth in clean energy finance and technological progress among G20 economies and was conducted in partnership with market analysis firm Bloomberg New Energy Finance (BNEF).
In 2011, G20 nations accounted for around 95 percent of all clean energy spending and the report found investments in the sector had soared by 600 percent on 2004 levels.
"The clean energy sector received its trillionth dollar of private investment just before the end of 2011, demonstrating significant growth over the past eight years," said Michael Liebreich, CEO of BNEF. "Solar installations drove most of the activity last year as the falling price of photovoltaic modules, now 75 percent lower than three years ago, more than compensated for weakening clean energy support mechanisms in a number of parts of the world."
As the cash flowed in 2011, clean energy generating capacity also grew by a record 83.5 gigawatts – 30 gigawatts of new solar power and 43 gigawatts of wind. The report points out renewable energy generated a total of 565 gigawatt hours in 2011, double that of nuclear power in 2010.
Although reported in the past, 2011 was also the year the USA overtook China in the global clean energy race, with a record $48 billion in investment. This was attributed to effective national policies that encouraged the production of new sources of renewable power, chiefly solar energy.
Germany, Italy, the UK, and India were also among the nations that most successfully attracted private investments last year.
Some key findings from the report include:
– Investment in the Americas region grew by more than 21 percent to $63.1 billion, faster than any other region.
– The clean energy sector in the Asia/Oceania region increased more than 10 percent to $75 billion.
– Germany and Italy continue to lead the world in deployment of small, distributed solar power installations, accounting for more than 50 percent of worldwide solar capacity, and 38 percent of G20 solar technology investments.
– The United States remains the leader in venture capital financing, attracting $6 billion, or 70 percent of the G-20 total. Germany and China were distant followers, with $635 million and $458 million, respectively, in venture capital investments.
"Who’s Winning the Clean Energy Race?" can be viewed in full here (PDF).
