By ASHLEY E. ORGAN, Assistant Editor Investment in “clean” energy reached a record high in 2010 as companies and governments worldwide continued to join the alternative energy movement. According to recent figures by Bloomberg New Energy Finance, new investment in 2010 reached US $243 billion, a 30% increase from $186.5 billion in 2009. China’s investment alone reached $51.1 billion, the largest figure for any country last year. Along with China’s contribution, investment in small-scale, distributed generation projects (i.e., wind farms, solar parks, and biofuel plants); European offshore wind activity; and R&D spending on clean energy technologies drove the rapid growth, the report states. The solar power sector showed a 49% growth in 2010 due to Europe’s $59.6 billion investment. In addition, energy-smart technologies such as smart grid, energy management, electric vehicles, and power storage received notable levels of financing, reaching a record $23.9 billion. “This is a spectacular result, beating previous record investment levels by a clear margin of more than $50 billion,” Michael Liebreich, chief executive of Bloomberg New Energy Finance said. “It flies in the face of skepticism about the clean energy sector among public market investors who have been concerned about the sustainability of subsidy programs in Europe, the failure of the Obama administration to deliver a climate or an energy deal, and the crescendo of ill-informed doubts about climate change.” Dr. Nansen G. Saleri, CEO and president of Quantum Reservoir Impact, is a bit more skeptical about some of the “clean” energy solutions, though he recognizes the need for broad sourcing where energy is concerned. In his view, the cream will come to the top because of the competitive nature of the energy industry. At the AGC Houston monthly meeting on Jan. 11, 2011, Saleri told attendees that the world has entered a new energy era where competition will exist among all energy components. “Wind, biomass, etc. are welcome,” he said. “They are great for the US, great for the planet, and if it’s a bad idea, they’ll go bankrupt. Any energy that cannot hold up to the competition will die away.”
Recommended Reading
Darbonne: ‘The Dance’ of US Policy Leaving Energy Mid Slip
2024-08-30 - The 1909 Matisse painting known as “The Dance” demonstrates the outcome of one of the U.S.’ pillars falling down.
Analyst: US NGL Market Tightens Links to Crude, NatGas Production
2024-08-30 - A boost in propane and ethane development is tied to the opening of the Matterhorn Pipeline in the Permian, evidence of the increasingly closer link between different sectors of the energy industry.
Bakken Pipeline’s Oil-to-NGL Switch Could Prove Costly
2024-08-30 - Kinder Morgan’s challenge to ONEOK over Bakken NGL could upset the market’s balance.
Libya's Oil Output Falls More Than Half Due to Political Standoff
2024-08-29 - More than half of Libya's oil production, or about 700,000 bbl/d, was offline on Aug. 29 and exports were halted at several ports as a standoff between rival political factions over the central bank and oil revenue threatens to end a four-year period of relative peace.
Study: Global Gas Supply Not Keeping Up with Demand
2024-08-28 - Without significant growth in natural gas supply and infrastructure, the world will come up a fifth short of the supply needs, according to the International Gas Union.