12 pc rise in investment in India's renewable energy: UNEP

New Delhi, June 7 (PTI) India saw a 12 per cent rise in
investment in clean renewable energy like wind, solar, biomass
and small-hydro projects with USD 4.1 billion being pumped
into this sector last year, according to a UNEP report.

The largest portion of investment went to wind sector,
which grew at 17 per cent from USD 2.2 billion to USD 2.6
billion.

While investment in solar energy rose from USD 18 million
in 2007 to USD 347 million in 2008, most of it was channelised
to setting up module and cell manufacturing facilities.

Small hydro investment grew by about fourfold to USD 543
million in 2008, but biofuels' growth fell from USD 251
million in 2007 to USD 49 million in 2008.

According to a recent report by UN Environment Programme
(UNEP) 'Global Trends in Sustainable Energy Investment 2009,'
there was a four-fold increase in investment in green energy
around the globe in 2008.

While, developed countries like US and those in Europe
showed poor growth due to economic crisis, the developing
countries were the bright spots in clear energy investment.

"Without doubt the economic crisis has taken its toll on
investment in clean energy when set against the
record-breaking growth of recent years. Investment in the US
fell by two per cent and in Europe growth was very much
muted," said Achim Steiner, UN Under-Secretary General and
UNEP Executive Director.

"However, there were also some bright points in 2008
especially in developing economies. China became the world's
second largest wind market in terms of new capacity and the
world's biggest photovoltaic manufacturer and a rise in
geothermal energy may be getting underway in countries like
Australia, Japan and Kenya," Steiner said.

China led financing of new renewable energy projects in
Asia with an 18 per cent increase over 2007 to USD 15.6
billion, mostly in new wind projects and biomass.

Investment in India grew by 12 per cent to USD 4.1
billion in 2008. Brazil accounted for almost all renewable
energy investment in Latin America in 2008, with ethanol
receiving USD 10.8 billion, up 76 per cent from 2007.

Between 2009 and 2011, UNEP estimates that 37 per cent of
current economic stimulus packages and 1 per cent of global
GDP is needed to finance a sustainable economic recovery by
investing in the greening of five key sectors of the global
economy: buildings, energy, transport, agriculture and
water. PTI RN
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