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April 12, 2012

Global clean energy spending was $263 billion, US Spent more money, China installed more power

Global clean energy finance and investment grew to $263 billion in 2011, a 6.5 percent increase over the previous year, according to new research released by The Pew Charitable Trusts.

The US spent the most money on clean energy at $48 billion (which probably includes the Solyndra investment). China installed 133 GW versus the US installing 93 gigawatts.

In the United States, which attracted $48 billion last year, investors took advantage of the country’s stimulus programs before they expired at the end of 2011, as well as the production tax credit for electricity from renewable energy, which is to end this December.”

Among renewable technologies, solar increased globally by 44 percent, attracting $128 billion and accounting for more than half of all clean energy investment among members of the G-20. Dramatic price declines, with the cost of solar modules dropping by half in the past 12 months, fueled the activity. Wind prices also were lower in 2011.

The combination of falling prices and growing investments accelerated installation of clean energy generating capacity by a record 83.5 gigawatts (GW) in 2011. Almost 30 GW of new solar and 43 GW of wind power were deployed. Renewable power generating capacity, at 565 GW globally, was nearly 50 percent more than installed nuclear generating capacity in 2010.




China attracted $45.5 billion in clean energy investment, which spurred deployment of 20 GW of wind power, the most of any nation. Germany ranked third among the G-20 with $30.6 billion and 7.4 GW of solar power installed. Italy received $28 billion in clean energy financing last year, an increase of 38.4 percent from 2010, enabling deployment of a record of nearly 8 GW of solar generating capacity. Over the last five years, no G-20 country has experienced higher growth rates than Italy, which led the world with investment levels relative to the size of its economy.

India’s clean energy sector continued to flourish in 2011, with investment up 54 percent to $10.2 billion. India’s “National Solar Mission,” with a goal of 20 GW of power installed by 2020, helped drive the sevenfold jump in this type of energy, to $4.2 billion. Wind received $4.6 billion, and an additional 2.8 GW of capacity was installed during the year.

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