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Green energy investment hits record global high

July 07, 2011
"The combination of government target-setting, policy support and stimulus funding is underpinning the renewable industry's rise and bringing the much needed transformation of our global energy system within reach."
- Achim Steiner, executive director of the UN Environment Programme

Global investment in renewable energy sources grew by 32% during 2010 to reach a record level of US$211bn (£132bn), a UN study has reported.

As the renewable technologies continued to mature, the report added, the cost per megawatt (MW) continued to fall. It said that the cost of PV modules had fallen on a per-MW basis by 60% since 2008.

The authors forecasted: "Further improvements in the... cost of energy for solar, wind and other technologies lie ahead, posing a bigger and bigger threat to the dominance of fossil-fuel generation sources in the next few years."

Mr Steiner said that there was a number of key gatherings coming up over the coming 12 months that would help maintain the momentum towards renewables.

He said: "The UN climate convention meeting in Durban, South Africa, later in the year, followed by the Rio+20 summit in Brazil in 2012, offer key opportunities to accelerate and scale-up this positive transition to a low-carbon, resource-efficient green economy."

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