Investment in renewable energy could reach a record $200 billion worldwide in 2010 regardless of the outcome of climate talks in Denmark, New Energy Finance chair Michael Liebreich told Bloomberg News.
Liebreich, whose firm provides research into the clean energy sector, said private and public spending on technology like solar panels and wind turbines will rise about 50% from $130 billion in 2009, as companies like Hong Kong’s CLP Holdings Ltd and American Electric Power Co launch large-scale projects.
Government spending on green energy will more than double year on year in 2010 to $60 billion said Liebreich, pointing to the U.S., China and 10 other nations that have approved green energy stimulus funding worth $177 billion over several years.
Joe Muscat, director of cleantech at New York-based Ernst & Young, told Bloomberg:
“Country by country, state by state, regulations will continue to spur demand independent of what might happen in Copenhagen.”