Money invested in renewable energy reached new heights last year, topping $257 billion.
So is the world finally going green?
The figures come from The Global Trends in Renewable Energy Investment 2012 report, a UN Environment Program backed study that has tracked the finance flowing into green energy across the world since 2004.
It found that renewables accounted for 44% of all new energy generation capacity added last year, up from 34% in 2010 and just 10.3% back in 2004.
The source for most of this finance came from the private sector, according to the report. Investment from the private domain in research and development of new technologies was almost double that of governments and public bodies.
While Europe attracts most of the investment, the renewable energy sectors of emerging economies such as India and China have been given the biggest boost.
China overtook the U.S. in terms of total annual investment in renewable energy in 2009 and attracted more money than any other country ($52.2 bn) in 2011.
India meanwhile saw the fastest expansion rate for any large renewables market last year, with a 62% increase in capital funding.
But while investment in green energy has been on the rise it still lags far behind traditional fuel sources in terms of contribution to global power supplies. . .View Full Article