Think green energy isn’t going to happen? Well, despite financial market turmoil, more than $148 billion was sunk into the global sustainable energy sector last year. That’s up 60% from 2006.
According to the UNEP report, Global Trends in Sustainable Energy Investment 2008, climate change worries, growing support from world governments, rising oil prices and ongoing energy security concerns fueled another record-setting year of investment in renewable energy.
Wind attracted the most investment ($50.2 billion in 2007). Solar power grew most rapidly ($28.6 billion of new capital, at an average annual rate of 254% since 2004).
The first quarter of 2008 looked sluggish. But investments rebounded in the second quarter, even as global financial markets remained in turmoil. Venture capital and private equity for sustainable energy was up 34% above the second quarter of 2007.
“Just as thousands were drawn to California and the Klondike in the late 1800s, the green energy gold rush is attracting legions of modern day prospectors in all parts of the globe,” says Achim Steiner, UN Under-Secretary General.
There’s tons of gold waiting in the bottom of the oil barrel.
Julia Whitty is Mother Jones’ environmental correspondent, lecturer, and 2008 winner of the Kiriyama Prize and the John Burroughs Medal Award.
