02 Dec '11, 7pm

Investments in Renewable Energy Greater Than Fossil Fuels for First Time

For the first time, investments in renewable energy plants are ahead of that for fossil fuels, attracting $187 billion last year compared with $157 billion for natural gas, oil and coal, reports Bloomberg New Energy Finance. The analysis is based on new plants (not replacing existing ones) and excludes large hydro projects. Accelerating installations of solar and wind plants are leading to lower equipment prices, making clean energy more competitive with coal. "The progress of renewables has been nothing short of remarkable," says UN Environment Program Executive Secretary Achim Steiner. "You have record investment in the midst of an economic and financial crisis." Also for the first time, investments in developing countries , mostly China, exceeded those in advanced nations. The wind industry is expected to install 43 gigawatts (GW) of new capacity this year and 48 GW nex...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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