The prior USA administration cozied up so totally to oil and gas interests it is not surprising that we have fallen behind others a bit. But hopefully we are more committed now and if we can get the far right media machine to cease trying to convince folks there is no Climate Change then the Climate Change legislation can get thru Congress and this will create more Green jobs for America.
Here's the concerning report from the Pew Trust on how the US has fallen behind other countries in Renewable energy investment:
Washington, DC - 03/24/2010 - For the first time, China led the United States and other G-20 members in 2009 clean energy investments and finance, according to data released today by The Pew Charitable Trusts. Last year, China invested $34.6 billion in the clean energy economy – nearly double the United States’ total of $18.6 billion. Over the last five years, the United States also trailed five G-20 members (Turkey, Brazil, China, the United Kingdom, and Italy) in the rate of clean energy investment growth.
In Who’s Winning the Clean Energy Race? Growth, Competition and Opportunity in the World’s Largest Economies (PDF), Pew examines key financial, investment and technological trends related to G-20 members and the clean energy economy. The report tracks and measures global investment activity – ranging from venture capital, initial public offerings from companies seeking to expand, mergers and acquisitions and lending for large-scale projects – in this sector. Pew found that the global clean energy economy has experienced remarkable growth:
- Globally, clean energy investments have increased 230 percent since 2005.
- Investment by nearly all G-20 members grew by more than 50 percent over the past five years.
- Despite a worldwide recession, global clean energy investments reached $162 billion in 2009.
- G-20 members accounted for more than 90 percent of worldwide clean energy finance and investment.
- More than 250 gigawatts of renewable energy generating capacity have been installed around the world, producing six percent of global energy.
- Global clean energy investments are projected to reach $200 billion in 2010.
“The facts speak for themselves,” said Bloomberg New Energy Finance Chief Executive Michael Liebreich. “2009 clean energy investment in China totaled $34.6 billion, while in the United States it totaled $18.6 billion. China is now clearly the world leader in attracting new capital and making new investments in this area.”
Countries with strong nationwide policy frameworks, including renewable energy standards, carbon markets, priority loans for renewable energy projects and mandated clean energy targets, such as China, Brazil, Spain, United Kingdom and Germany, have the most robust clean energy sectors as a percentage of their economies. Countries without such policy frameworks including the United States, Japan, and Australia lag behind.
“The United States’ competitive position is at risk in the emerging clean energy economy,” said Cuttino. “Our nation has a critical choice to make: pass the federal policies necessary to position us as the world leader in the large and growing global clean energy market or continue to watch as China and other countries race ahead.”
The United States’ clean energy finance and investments lagged behind 10 G-20 members in percentage of gross domestic product. For instance, in relative terms, Spain invested five times more than the United States last year, and China and the United Kingdom three times more.
The United States did lead G-20 members in venture capital and private equity investments associated with technology innovation. However, it trailed in 2009 asset financing, with only $11.2 billion, while China led with $29.8 billion. Asset financing serves as a key barometer of clean energy deployment, job creation and business growth.
Pew published Who’s Winning the Clean Energy Race? to highlight how G-20 members are participating and where they rank in the clean energy economy. The data have been compiled and reviewed by Pew’s research partner, Bloomberg New Energy Finance, the world’s leading independent provider of news, data, research and analysis to decision-makers in renewable energy, carbon markets, energy smart technologies, and carbon capture and storage. The report’s primary focus is on investment as it is the fuel that propels the innovation, commercialization, manufacturing and installation of clean energy technologies.
Contact: Brandon MacGillis, 202.887.8830 and Nicolle Grayson, 202-540-6347