Fossil Fuel Investment Taken Down By Green Energy

UNClean technologies says that green energy has now overtaken fossil fuel investments for the first time ever last year. Almost $140 billion has been invested in green energy compared to $110 billion for coal, gas, and electrical power.

Clean technologies like wind and solar attracted around $140 billion in investments (or £85 billion). The biggest growth in renewable investments came from places like India, China, and other developing countries. These are places that are very quickly catching up to the West in the switch from fossil fuels to renewable energy. This helps give nations improved energy security, as well as the ability to tackle climate change head on.

The executive director of the United Nations Environment Programme, Achim Steiner, said that many milestones have been reached over the past few years. Reports now suggest that renewable energy is now as important, if not more important, than fossil fuels. He went on to say that it is very encouraging to see different geographical areas like Angola and Kenya enter the field of renewable resources as well.

Right now the United Nations believes that $750 billion needs to be spent worldwide between 2009 and 2011 on renewable resource investment. However, the current year has started badly with a 53% slump in first quarter to just $13.3 billion for renewable resources.

Right now wind is the most popular form of renewable energy to invest in, with $51.8 billion. The United States is the current global leader in this market. Solar energy, at $33.5 billion, is the second most popular form of renewable energy invested in. Biofuels take up the third spot with investments of around $16.9 billion; however, this is down 9% from 2007.