Global spending on cleaner energy grew to a record $263 billion in 2011, a 6.5 percent increase over the previous year, according to new research by The Pew Charitable Trusts. The United States reclaimed the top spot among all G-20 nations, thanks to $48 billion primarily in government subsidies, but with $45.5 billion in private investments, China is the real hub of clean energy activity - leading the world in wind energy investment and deployment, as well as wind and solar manufacturing.
Germany spent $30.6 billion, ranking third among G-20 nations. The combination of falling prices (thanks to China, again) and increased government spending accelerated installation of clean energy generating capacity by a record 83.5 GW in 2011 bringing the total to 565 GW globally. This represents nearly 50 percent more than installed nuclear power capacity worldwide by the end of the year.
After a sharp falloff in 2010, the United Kingdom's clean energy sector rebounded last year to $9.4 billion, 35 percent higher and the seventh highest among G-20 nations. The growth was driven by a 10-fold government increase in solar energy investments, which rose to $4.8 billion, financing the installation of more than 300 megawatts (MW) of power in 2011. For comparison purposes with other clean energy, the tiniest nuclear plant in America, a single reactor at Fort Calhoun in Nebraska, produced 478 Megawatts. Offshore wind turbines also got $2.3 billion and 900 MW of capacity. To date, the United Kingdom has installed 6.4 GW of wind capacity.
"The clean energy sector received its trillionth dollar of private investment just before the end of 2011, demonstrating significant growth over the past eight years," said Michael Liebreich, CEO of Bloomberg New Energy Finance, Pew's research partner. "Solar installations drove most of the activity last year as the falling price of photovoltaic modules, now 75 percent lower than three years ago, more than compensated for weakening clean energy support mechanisms in a number of parts of the world."
With underlying data compiled by Bloomberg New Energy Finance, Who's Winning the Clean Energy Race? 2011 Edition examines how nations are faring in the increasingly stiff competition for private investment among the world's leading economies. Investments in the G-20 countries accounted for more than 95 percent of the global total. Amounts are listed in U.S. dollars.
