03 Jan 2008 04:01:47
Renewable energy up by 35% worldwide in 2007
Global new investment in renewable energy experienced a 35 per cent increase in 2007, with fresh spending on sustainable sources topping the $100 billion (£50.6 billion) mark for the first time.
Research published by New Energy Finance revealed that investment in the sector grew to $117.2 billion (£59.3 billion) last year, compared to $86.5 billion (£43.8 billion) in 2006.
Continuing fears over dwindling supplies of traditional energy sources helped to fuel the growth in investment, despite global financial problems, the chief executive of the group, Michael Liebreich, told the International Herald Tribune.
Looking forward to the future, he said: "Inevitably, there are sectors where investors' excitement is running ahead of what can be delivered."
"There will also be volatility, as in any growth sector where valuations are driven more by expectation than by proven historical cash flows."
The New Energy Finance figures also revealed that money raised by renewable and clean energy companies on the world's stock markets saw an 80 per cent year-on-year increase last year.