Renewable investments increase in 2007

WASHINGTON, Feb. 7 (UPI) -- The U.S. Department of Energy said global investment in clean energy grew in 2007.

The 41 percent increase pushed investment to $117.2 billion, according to a report from New Energy Finance Ltd.

Wind power drew the greatest amount of investments, followed by solar energy and energy efficiency. But biofuel investments did not increase because of rising crop prices.

The majority of the funds, $54.5 billion, were used to finance biorefineries, wind farms and solar power plants.

Much of the startup funding went to solar companies in the United States, according to the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy.

However, in order to meet current climate-change emissions goals, investment would need to triple over the next five years. Investments in renewable energy generation facilities and biorefineries will need to sustain a 20 percent annual growth through 2013 to meet global targets for clean energy.