Investment in India’s renewable energy up by 12%: UNEP

Investment in India’s renewable energy up by 12%: UNEP
PTI
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First Published: Sun, Jun 07 2009. 06 20 PM IST
Updated: Sun, Jun 07 2009. 06 20 PM IST
New Delhi: India saw a 12% rise in investment in clean renewable energy like wind, solar, biomass and small-hydro projects with $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% from $2.2 billion to $2.6 billion.
While investment in solar energy rose from $18 million in 2007 to $347 million in 2008, most of it was channelized to setting up module and cell manufacturing facilities.
Small hydro investment grew by about fourfold to $543 million in 2008, but biofuels’ growth fell from $251 million in 2007 to $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 2% and in Europe growth was very much muted,” said Achim Steiner, UN under-secretary general and UNEP executive director.
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First Published: Sun, Jun 07 2009. 06 20 PM IST
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