Antinuclear

Renewable energy investment $257 billion in 2011

$257 billion invested in renewable energy in 2011 SMH, FRANK JORDANS, June 12, 2012 Global investment in renewable energy reached a record of $257 billion last year, with solar attracting more than half the total spending, according to a U.N. report released Monday.

Investment in solar energy surged to $147 billion in 2011, a year-on-year increase of 52 percent thanks to strong demand for rooftop photovoltaic installations in Germany, Italy, China and Britain.

Large-scale solar thermal installations in Spain and the United States also contributed to growth during a fiercely competitive year for the solar industry. Several large American and German manufacturers fell
victim to price pressure from Chinese rivals that helped to halve the
cost of photovoltaic modules in 2011. The report’s authors said the
demise of companies such as Solyndra, Evergreen Solar, SpectraWatt,
Solar Millenium and Solon was a sign that the solar industry is
maturing.

“In 1903, the United States had over 500 car companies, most of which
quickly fell by the wayside even as the automobile sector grew into an
industrial juggernaut,” the report said. “Today, the renewable energy
sector is experiencing similar growing pains as the sector
consolidates.”

China was responsible for almost a fifth of the total investment
volume, spending $52 billion on renewable energy last year. The United
States was close behind with investments of $51 billion, as developers
sought to benefit from government incentive programs before they
expired. Germany, Italy and India rounded out the top five…….  the
head of the U.N. Environment Program claimed the latest figures were
an indication that renewable energy is drawing level with fossil fuels
in some markets.

“These trends are real, they are substantive and they are
transformative,” Achim Steiner told reporters in a conference
call……. The U.N. report claims that solar panels installed in
Germany, Italy, Spain, Denmark and Australia can now compete with the
retail cost of electricity in those countries, even as government
feed-in subsidies are lowered.

It noted that developing countries were also exploring the use of
renewable energy other than hydropower, which has long been a popular
source in poor countries.

Nations in East Africa are seeking to take advantage of the abundant
geothermal capacity in the Rift Valley region. Kenya aims to meet half
of its electricity needs with geothermal power by 2018. Djibouti,
Eritrea, Rwanda, Tanzania and Uganda are also exploring geothermal
use. http://news.smh.com.au/breaking-news-technology/257-billion-invested-in-renewable-energy-in-2011-20120612-206h0.html

June 13, 2012 - Posted by Christina Macpherson | Uncategorized