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Business News

Green energy spend hits £150bn in 2010

Global investment in green energy soared by 30 per cent to a record $243bn (£151bn) last year, according to figures released today.

Yet growth is geographically patchy and some key markets are still struggling in the aftermath of the credit crunch, according to consultants Ernst & Young.

On the plus side, China is still booming, recording a whopping 64 per cent growth in installed wind capacity last year. But the US, the world's second largest renewables market, saw just 5.1 gigawatts of wind power installed in 2010, barely half the level of the previous year.

Gil Forer, Ernst & Young's Global Cleantech Leader, said: "The global transformation to a resource-efficient and low-carbon economy is a long journey. It is expected to have challenges along the way on local or regional levels. But the global drivers of this transformation, including imbalance of supply and demand of natural resources, energy security and energy prices, are solid."

This comes as Ocean Power Technologies today announces the completion of its largest device for generating electricity from waves.

The Scottish-built steel structure brings the commercialisation of wave power a step closer, according to the company.

The device will be ready for testing 33 nautical miles off the coast of Invergordon in Scotland as soon as the weather conditions allow. Its peak power output of 150kW could power about 150 homes.