Monday, June 25, 2007

Renewable Energy Experiences Rapid Growth: U.N. Report

June 21 -- The amount of money invested in renewable energy projects worldwide is growing quickly, fueled by worries about climate change, high oil prices, and energy security, according to a recently released United Nations report.
The report says investment capital flowing into renewable energy climbed from $80 billion in 2005 to $100 billion in 2006. And while the renewable energy sector´s growth is volatile, it "is showing no sign of abating."

While renewable sources today produce about 2 percent of the world´s energy, they now account for about 18 percent of the world investment in power generation, with wind at the forefront. Solar and bio-fuel technologies grew even more quickly than wind, but from a smaller base, according to the trend analysis from the U.N. Environment Program.

And renewable energy projects are no longer limited to developed countries, with projects taking place in countries like China with rapidly growing energy demands.

Looking at a trajectory of growth, the U.N. report concludes that by 2030, renewable energy could account for between 9 percent and 23 percent of installed energy capacity.

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