Friday, March 26, 2010

Australia lagging in clean energy investment

By environment reporter Sarah Clarke

ABC News Online, Fri Mar 26, 2010
A global analysis of clean energy investment has found that Australia ranks 14th on the list of G20 countries, behind Mexico and Turkey.
The US-based Pew Foundation study found China was the biggest investor in projects such as renewable energy plants - including solar and wind - investing $34 billion last year.
Australia invested $1 billion, which is up by 50 per cent on 2008, while the United States spent $18 billion.
John Connor from the Climate Institute says the Federal Government needs to drive greater investments in projects like renewable power.
"It's a tragedy that we have got such rich resources in renewables in solar, wind, biomass, waves - you name it," he said.
"But without clear directions, and the course of the political squabbling that we've seen, we're not seeing that investment come forward.
"We need a limit in price on pollution and we need other incentives as well."
Globally clean energy investments have increased by 230 per cent since 2005.
Renewable power produces 6 per cent of global energy needs.

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