Green power increases

The UN Environment Programme has reported on green energy spending trends, and how the financial markets have affected the trend.

According to the report, the 2007 figure of £75 billion is up 60% on the 2006 figure, even in such a tight financial market.

In fact the tight financial market seems to be the reason for the increase in people looking for alternative energy resources, for the long term financial benefit, and that seems to be the green option.

Among other things oil prices has played a major factor in the increase in spending on green energy, with fuel prices becoming unbearable.

The report suggests that wind energy is leading the race for investment, closely followed by solar power, but there were lower volumes of investments in biofuel due to the higher crop prices in the US.

The investments seem to be in line with global trend predictions, with UNEP forecasts hitting $450 billion a year on green energy projects by 2012, and $600 billion by 2020.

Europe managed to get the majority of the investment, leaving only $26 billion for China, India and Brazil to fight over.

Although Europe saw a massive investment for 2007, Britain doesn’t seem affected by the positive investments, with less than 5% renewable energy used.

This may all change as the UK government enforces plans to install thousands of solar panels and wind turbines in UK houses, as part of a $100 billion investment.