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'Green gold rush' reaped billions in 2007

The so-called 'green gold rush' in global investment in renewable energy and energy efficiency hit a new record last year, according to the United Nations.

The UN's environment programme (Unep) in a report said climate change, rocketing oil prices and energy security concerns had helped to shift focus to renewables.

New investment in clean energy reached nearly $150 billion (£75.3 billion) in 2007, up 60 per cent year on year, with wind energy receiving most of the new funding with over $50 billion. Meanwhile, solar power gained almost $30 billion.

Investment is forecasted to reach $450 billion by 2012, surpassing $600 billion in 2020.

Unep said it hoped its study Global Trends in Sustainable Energy Investment 2008 would aid governments in reaching a long-term global climate change deal at the international conference in Copenhagen at the end of next year.

Most of the new investment was destined for Europe, followed by the US, the report said, with China, India and Brazil attracting more investment, up from 12 per cent in 2004 to 22 per cent in 2007, an increase from $1.8 billion and $26 billion.

In China, investment in non-hydro renewables capacity quadrupled to $10.8 billion, while new wind capacity doubled to six gigawatts.

In the UK, the government is to undergo a £100 billion 'green revolution' with plans to fit a quarter of British homes with solar heating panels and build thousands of new wind turbines.