Cleantech investments to reach $240 bn this year

If you think business is bad in every sectors, think again. To Reuters : ” Brazil, China and India are expected to fuel global investments in clean energy in 2011 that are expected to reach $240 billion. (175 billion euros)

The U.N.’s environmental unit (UNEP) said investment in renewable energy hit $180-$200 billion (130-145 billion euros) in 2010 up from $162 billion in 2009 (115 billion euros), driven by the three countries.

The increased investments are because sustainable energy is gaining momentum as governments seek cheaper sources — such as solar, wind and ethanol — to cushion against rising oil prices.”

The article goes on :

“Investment may be close to $240 billion in clean energy that includes energy efficiency and renewable energy,” said Pavan Sukhdev, head of UNEP’s Green Economy initiative.

The United Nations says greening energy supplies needs over $360 billion annually.

Adverse effects of climate change have forced countries to look for ways of cutting gas emissions and encouraging eco-friendly systems, Sukhdev told Reuters.

He said the United Nations had a European Union grant to help seven African countries including Kenya, South Africa, and Burkina Faso to formulate policies that would enable the transition to a green economy.

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