Asia Leads Renewable Energy Investments
As the decade comes to an end and a new one begins, Asiancountries have established themselves as the driving forces in renewable energy.
According to a recent report released by The Pew Charitable Trusts, investment in renewable energy is being led by Asia, especially Chinaand India. Altogether, clean power projects carried within the G-20’sjurisdiction may reach US$2.3 trillion by the end of the decade, thereport projects, having based its calculations on Bloomberg New EnergyFinance data.
Asia is leading because of its strong cleanenergy policies. China, India, Japan and South Korea, the region’s clean energy powerhouses, will account for 40 per cent of global clean powerproject investments by 2020.
China will remain the leader under all threescenarios the report used as models (Business-as usual, Copenhagen, andEnhanced Clean Energy). The Asian giant has the potential to attract atotal of US$620 billion over the next decade.
Recent figures confirm what the The Pewreport estimates. In 2009, China invested US$30 billion in clean energy. It accounted for 50 per cent of all investments in wind energy in 2010, or US$13.5 billion.
Driving these impressive figures is thecountry’s unwavering adoption of sustainable development strategies andacknowledgement of of the necessity to shift the economic developmentmodel. The country sees clean development as an essential part of social development.
India has also become stronger due to solidclean energy policies and will rank third by 2020 under all the modelsemployed by The Pew report. This represents a huge leap, since in 2009it was projected to be number ten.
The country is expected to attract $169billion in clean energy projects over the next decade. Its renewableenergy generating capacity may grow to 91GW, or five times from what iscurrently installed.
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