The Ecologist

 
Offshore wind turbines

Investment in the renewable energy sector has fallen over the past year

More articles about
Related Articles

Investment in renewables falls by 20 per cent in 2009

Ecologist

10th November, 2009

Governments would need to pump upwards of $10 trillion into energy sector to limit greenhouse gas concentrations in the atmosphere to safe levels

The renewable power sector has been hit by a significant fall in investment over the past year, according to the International Energy Agency (IEA).

Energy companies around the world have been cutting back on project spending as a result of falling energy demand faltering cash flows because of the global financial crisis.

However, renewables-based power generation has suffered far worse than any other sector, with investment expected to fall by almost one-fifth.

In its World Energy Outlook 2009, the IEA said that without the stimulus provided by government fiscal packages, investment would have fallen by almost 30 per cent. 

'Falling energy investment will have far-reaching and, depending on how governments respond, potentially serious effects on energy security, climate change and energy poverty.

'Weaker fossil-fuel prices are also undermining the attractiveness of investments in clean energy technology,' said the report.

Trillions needed


The IEA said falling energy investment in all sectors would have 'potentially serious effects' on energy security, climate change and energy poverty.

It estimated that $1.1 trillion would now need to be invested every year until 2030 to meet the projected growth in energy demands.

But an additional $10.5 trillion would be needed by the energy sector over the same period (2010-2030) to limit greenhouse gas concentrations in the atmosphere to around 450 ppm of CO2 and keep potential temperature rises within 2 degrees.

Useful links

IEA world outlook 2009

READ MORE...
COMMENT
The next Industrial Revolution will be people-powered
Switching to decentralised renewable energy doesn't just mean a new source of power - it means a revolution that will be both social and economic
NEWS
Government approves ten new sites for nuclear power
Environmental groups say nuclear power will create a legacy of waste and undermine the UK's drive towards an economy based on renewable energy
NEWS
Renewables are go (terms and conditions apply)
The new suite of measures proposed by the Government for reducing greenhouse gas emissions is an impressive list... but as the information sinks in green groups have begun to find some holes
NEWS
Renewables expert David Mackay appointed to Government
In a surprise move, the Department for Energy and Climate Change (DECC) has appointed Cambridge Professor David Mackay as its Chief Scientific Adviser

 

Previous Articles...

ECOLOGIST COOKIES

Using this website means you agree to us using simple cookies.

More information here...

 

FOLLOW
THE ECOLOGIST