12 pc rise in investment in India's renewable energy

Jun 07, 2009 -- Asia Pulse Data Source
India saw a 12 per cent rise in investment in clean renewable
energy like wind, solar, biomass and small-hydro projects with USD 4.1
billion being pumped into this sector last year, according to a UNEP
> report.
> The largest portion of investment went to wind sector, which grew
> at
> 17 per cent from USD 2.2 billion to USD 2.6 billion.
> While investment in solar energy rose from USD 18 million in
> 2007 to
> USD 347 million in 2008, most of it was channelised to setting up
> module and cell manufacturing facilities.
> Small hydro investment grew by about fourfold to USD 543 million
> in 2008, but biofuels' growth fell from USD 251 million in 2007 to USD
> 49 million in 2008.
> According to a recent report by UN Environment Programme (UNEP)
> 'Global Trends in Sustainable Energy Investment 2009,' there was a
> four-fold increase in investment in green energy around the globe in
> 2008.
> While, developed countries like US and those in Europe showed
> poor growth due to economic crisis, the developing countries were the
> bright spots in clear energy investment.
> "Without doubt the economic crisis has taken its toll on
> investment in clean energy when set against the record-breaking growth
> of recent years.
> Investment in the US fell by two per cent and in Europe growth was
> very much muted," said Achim Steiner, UN Under-Secretary General and
> UNEP Executive Director.
> "However, there were also some bright points in 2008 especially
> in developing economies. China became the world's second largest wind
> market in terms of new capacity and the world's biggest photovoltaic
> manufacturer and a rise in geothermal energy may be getting underway
> in countries like Australia, Japan and Kenya," Steiner said. China led
> financing of new renewable energy projects in Asia with an 18 per cent
> increase over
> 2007 to
> USD 15.6 billion, mostly in new wind projects and biomass.
> Investment in India grew by 12 per cent to USD 4.1 billion in
> 2008.
> Brazil accounted for almost all renewable energy investment in Latin
> America in 2008, with ethanol receiving USD 10.8 billion, up 76 per
> cent from 2007.
> Between 2009 and 2011, UNEP estimates that 37 per cent of current
> economic stimulus packages and 1 per cent of global GDP is needed to
> finance a sustainable economic recovery by investing in the greening
> of five key sectors of the global economy: buildings, energy,
> transport, agriculture and water.