25 Nov '11, 1pm

Chevron: oil... yes, but geothermal, solar and biofuels too

Chevron: oil... yes, but geothermal, solar and biofuels too

Calculations by Bloomberg New Energy Finance using the most recent data show that more is being spent on new rolling out new renewable energy capacity than on new fossil fuels projects for the first time, despite the financial crisis and difficulties faced in reaching binding agreements in the United Nations climate change talks. According to the market intelligence specialist, renewable power generation projects (wind, sun, ocean and biomass) attracted $187 billion in 2010 compared with $157 billion for natural gas, oil and coal. “The progress of renewables has been nothing short of remarkable,” United Nations Environment Program Executive Secretary, Achim Steiner, said in an interview with Bloomberg. “You have record investment in the midst of an economic and financial crisis.” While much of this investment is being made by companies solely dedicated to renewables develo...

Full article: http://www.renewableenergymagazine.com/energias/renovable...

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