Ecologia, Medio Ambiente y Energias Renovables en la Naturaleza

Spending on solar energy jumped 36 percent to $136.6 billion in 2011, outpacing the $74.9 billion investment in wind power, which dropped 17 percent - the first time since 2004 that the investment gap was so large.

The largest single type of investment was asset financing of utility-scale renewable energy projects, which rose to $145.6 billion in 2011 from $138.3 billion in 2010.

Public markets fund-raising fell to $11.9 billion from $14.2 billion.

After solar and wind, the next largest sector for investment was "energy-smart" technologies including smart grid, power storage, efficiency and advanced transport, which gained $19.2 billion.

Biofuels

Investment in biofuels edged up to $9 billion from $8.6 billion, but biomass and waste-to-energy suffered an 18 percent decrease to $10.8 billion. Geothermal slipped to $2.8 billion from $3.2 billion, marine water power marked time at $0.3 billion and small hydro fell 25 percent to $3 billion.

In the United States, clean energy spending rose by a third to $55.9 billion, exceeding the 1 percent gain in China at $47.4 billion. This marks the first time since 2008 that the United States overtook China in this area.

Clean energy investments in Europe rose 3 percent to $100.2 billion, driven by solar installations in Germany and Italy, and offshore wind financing in the North Sea such as the $1.3-billion funding for the 288-megawatt Amrumbank West project off Germany.

Bloomberg New Energy Finance chief executive Michael Liebreich said a jump in photovoltaic installations in the U.S. and Europe happened amid a 50 percent decline in the price of solar modules during 2011.

"Falling prices made more developments possible and is bringing closer the date when wind and solar can rival fossil fuels without subsidies," he said.

U.S.: Too early to celebrate

Mr. Liebreich, commenting on the gains the U.S. made in clean technology, said the country has to do more if it is to maintain its top clean energy investor status.

"The news that the U.S. jumped back into the lead in clean energy investment last year will reassure those who worried that it was falling behind other countries," he said.

"However before anyone in Washington celebrates too much, the U.S. figure was achieved thanks in large part to support initiatives such as the federal loan guarantee program and a Treasury grant program which have now expired."

Mr. Liebreich said the United States' principal remaining support measure for renewable energy, the Production Tax Credit, is also scheduled to fall away at the end of 2012 unless it is extended.

"There may be a rush to get projects completed in 2012, followed by a slump in investment in 2013 if it expires," Mr. Liebreich added.

Positive trend

Deutsche Asset Management global head Kevin Parker said the global trend on climate change mitigation initiatives remains strongly positive, with 45 new carbon-reducing policies adopted worldwide in 2011 compared to four negative policy revisions.

"Climate change is certain to be a major factor in investments for the foreseeable future - perhaps the biggest investment factor of our lifetimes," he said.

Jack Ehnes, chief executive of the California State Teachers' Retirement System, America's second-largest public pension fund managing $146 billion in assets, said investors are aware of climate change impacts on world economies and corporations.

"As a matter of fiduciary duty, we must elevate our attention and action on this colossal issue. That means improving our own practices and making sure companies we own are doing the same," he said.

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