Global Alternative Energy Investment at Record Levels

Washington-based Worldwatch Institute reported that global investment in renewable energy hit a record $30 billion last year, representing up to a quarter of all power industry investment.

The report credits increased government and private sector support for the record level of investment, which was strongest in solar power. Global capability for photovoltaic cells, which convert sunlight into electricity, grew by 60% between 2000 and 2004 – making it the fastest-growing energy technology.

Asian countries are seen as particularly receptive to renewable energy as they struggle to meet rapid power demand growth with rising energy costs. China, with a goal of making one-tenth of its power grid renewable by 2020, is a world leader in existing renewable capacity, with 37 gigawatts, followed by Germany, the United States, Spain and Japan.