China surged past the United States in clean energy investment andfinance for the first time last year, becoming the global leader in the boomingrenewable energy market, according to a new report.
In 2009, Chinainvested $34.6 billion in the development of renewable energy, nearlytwice as much as the $18.6 billion spent by the U.S., according to ananalysis by the Pew Charitable Trusts. Five years ago, China spent just$2.5 billion. And while the report said the economic recession was afactor, it concluded that China’s growing dominance in green energyreflects a lack of long-term policies in the U.S. to provide incentivesfor the production of alternative energy. “The United States’competitive position is at risk in the emerging clean energy economy,”said Phyllis Cuttino, director of the Pew Environment Group’s GlobalWarming Campaign. In terms of dollars invested as a share of the totaleconomy, the U.S. dropped below 10 other nations. For example, inrelative terms, Spain spent five times more than the U.S. last year.From 2005 to 2009, China’s clean energy investment, particularly in wind and solar, increased 148 percent.
Read the report
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