Investment In Renewables Booming

According to the United Nations, the investment in renewable energy is growing at an accelerating rate.

In 2006 this amounted to almost £50 billion, up a hefty 25% on 2005 with higher growth expected this year and beyond all going into technologies such as wind, solar and biofuels.

The major factors driving this investment are:

• universal concerns over climate change
• the high and volatile price of oil (averaging over $60 a barrel in 2006)
• growing consumer awareness of renewables and how they can mean greener and cheaper energy in the long term
• government legislation and support

Investment in renewables now accounts for 18% of total investment power generation, setting the scene for a dramatic growth in the amount of energy that will come from renewables in the future, globally just 2% today.

Significantly, 9% of the investment is being made in China with another 12% arising in the rest of the developing worlds so this is an industry that is no longer the sole domain of the developed economies.   Overall, by region Europe is the biggest single investor and wind the main technology.

The Executive Director of the UN Environment Programme (UNEP) states that "They are becoming generating systems of choice for increasing numbers of power companies, communities and countries, irrespective of the cost of fossil fuels."

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