A report issued by the UN Environment Programme has shown that renewable energy has received a massive interest from private investors. Meanwhile the report also indicates a loss of interest from government bodies.
The industry is still in its infantile phase and is said to continue to develop over the next decade.
This comes as a timely relief as the need to develop non-fossil fuel technologies is at the forefront of many ongoing energy crises reports and concerns.
Renewable energy received record investment in 2011 and expanded massively, but it also struggled with dwindling political support and plummeting prices. The industry faces several more years of growing pains before it can properly compete with fossil fuels.
By the end of 2011, the global power capacity from renewables was more than 1360 gigawatts, and renewables supplied 20.3 per cent of global electricity, according to the REN21 Renewables 2012 Global Status Report.
Meanwhile, investment in renewables increased by 17 per cent last year to a record $257 billion – six times what it was in 2004, according to a report by the UN Environment Programme. The UNEP report, Global Trends in Renewable Energy Investment 2012, concludes there were particularly big gains for solar power, which received $147 billion – 52 per cent more than in 2010.
Source: New Scientist