Japan lags in renewable investments

TOKYO, July 3 (UPI) -- A U.N. report suggests Japan is not up to par on renewable investments.

Global investments in wind power and other new energy sources increased 60 percent in 2007 to $148 billion. Japan, however, accounts for only about $1.2 billion of the total investment, less than 1 percent, according to a report by the U.N. Environment Program, the Kyodo News International reported.

Investments in new energy businesses are also rising worldwide in this time of increased awareness of global warming and high crude oil prices, but Japan, the world's second-largest economy, lags behind developing economies including China and India, the report said.

The report also highlights the lack of fervor in the Japanese government to promote new energies as well as the lack of enthusiasm by Japanese utilities to increase their use of renewables.

Tetsunari Iida, executive director of the Institute for Sustainable Energy Policies, a non-profit research body, blamed the Japanese government and its low targets for the slow investments.