China leads in green energy investments

July 8, 2011 at 7:00 AM
1 of 4
| License Photo

NAIROBI, Kenya, July 8 (UPI) -- Developing economies eclipsed developed economies in terms of investments in clean energy with China leading the way, the U.N. Environment Program said.

UNEP in a report on renewable energy found global investment in renewable energy rose 32 percent from 2010 levels. This was driven largely by wind farms in China and small-scale rooftop solar energy projects in Europe.

Chinese investments in renewable energy rose 28 percent to $48.9 billion in 2010, making it the leader in clean energy development.

The report, prepared for the U.N. agency by Bloomberg New Energy Finance, concluded that investors spent around $211 billion on renewable energy last year, roughly 30 percent more than in 2009 and 540 percent more than 2004 levels.

UNEP Executive Director Achim Steiner said it's no accident that green investments are showing exponential growth.

"The combination of government target-setting, policy support and stimulus funds is underpinning the renewable industry's rise and bringing the much-needed transformation of our global energy system within reach," he said in a statement.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
E-2D aerial refueling capability passes CDR
Norway: New reserves found in North Sea
Shell to tap new Gulf of Mexico oil
Canada awards license for LNG exports to Asia