China tops renewable energy investment
Updated: 2011-07-06 10:34
BERLIN--China becomes one of the largest investors in renewable energy projects, according to a report released Tuesday in Frankfurt.
The report is based on a study jointly conducted by the Frankfurt School of Finance and Management, the United Nations Environment Program (UNEP) and Bloomberg New Energy Finance.
Renewable energy industry showed a boom last year, with a record $211 billion worldwide flowing into the sector, 30 percent higher on a year-to-year basis, according to the report.
In 2010, China invested a total of $48.9 billion in green energy and technology research, particularly for wind farms.
The report said wind energy projects are attracting the largest investment worldwide, with the volume jumping 30 percent to $94.7 billion last year. Solar energy bagged $86 billion while energy production from biomass and waste took the third place with $11 billion investments.
The study also indicated that for the first time in history, developing countries as a whole has exceeded industrialized nations in major renewable energy projects.
Some $72 billion were used for green energy in developing countries' private sectors, compared with $70 billion in the developed bloc.
In 2010, Europe's investments in large-scale projects even fell 22 percent to $35.2 billion.