Despite the global economic slump, total clean-energy investment last year grew 5% to $155 billion. For the first time ever, investment in clean power generation outpaced investment in traditional energy sources, according to a new report prepared by New Energy Finance for the United Nations’ Environmental Program. Nevertheless, the global economic slump hit a lot harder this year, knocking first-quarter clean-energy investment down 53% to about $13 billion.
Biofuels and biomass were the big losers. Biofuels attracted $16.9 billion, or 9% less than in 2007, while biomass grabbed $7.9 billion, or 25% less, the report found. But sugarcane investment in Brazil increased by 76% to $10.8 billion, mostly in cane-based ethanol as domestic and foreign demand increased.
Wind power is still the king, with $51.8 billion in total investment last year, but that was little changed from 2007. Solar power racked up $33.5 billion, a 49% jump from 2007—a sign that falling prices for polysilicon are making solar power more competitive, the report said.
While clean-energy money accounted for 56% of all the power-sector investment, it only accounted for 41% of the new power capacity. Put another way, “old energy” cost $1.2 billion per gigawatt; clean energy cost $2.15 billion per gigawatt.
What’s next? The world has to invest $750 billion in clean energy, transport, and construction over the next three years—or 1% of global gross domestic product—to “finance a sustainable economic recovery,” the report concluded.
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