China is now the world leader in renewable energy investment, as developing countries overtook developed ones for the first time in the value of major “green” projects in 2010, according to a report released in Frankfurt. Renewable energy industry saw a great boom last year, with a record $211 billion worldwide flowing into the sector, surging about 30 per cent year-on-year, said the report titled “Global Trends in Renewable Energy Investment 2011.”
The report was based on a study jointly conducted by the Frankfurt School of Finance and Management, the United Nations Environment Program (UNEP) and the news service Bloomberg New Energy Finance.
In 2010, a total of $48.9 billion were directed into green energy and technology research, particularly for wind farms, inChina. The report said wind energy projects are attracting the largest investment worldwide, with the volume jumping 30 per cent to $94.7 billion last year. Solar energy bagged $86 billion, while energy production from biomass and waste took the third place with $11-billion investments.