Clean Energy Now Supports $250 Billion of the World’s Economy

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Written By: Emma Websdale

solar panelsDespite a global recession and broad changes in energy markets, the clean energy sector is a $250-billion per annum component of the world economy, reveals a new report.

According to a report released by the Pew Charitable Trusts—an organization that tracks investment and finance trends in the world’s leading economies—clean energy investment reached $254 billion in 2013.

The report, which focused on the world’s top industrialized countries (known as the G-20), found that for the second consecutive year, China led the global clean energy race after drawing $54.2 billion in investments in 2013. China’s solar deployment increased almost fourfold, to 12.1 gigawatts (GW) in 2013, and the country installed, in total, more than 35 GW of clean generating capacity.

The United States remained the second largest world market for clean energy investment after attracting $36.7 billion in green energy investments in 2013. Wind energy investments drew $14 billion, while solar energy investments reached $17.7 billion.

Meanwhile, Japan jumped from fifth to third place among G-20 nations, as clean energy investments increased 80% to $28.6 billion in 2013, almost doubling the nation’s solar capacity and making Japan the fastest growing clean energy market in the world.

Results also showed that both Canada and the United Kingdom had increased spending on clean energy investments in 2013. Canada’s spending increased by 45%, to $6.5 billion, while the U.K.’s increased by 13%, to $12.4 billion.

The report also pointed out that investments in clean energy outside the G-20 countries had grown by 15%, with Chile and Kenya taking the lead among those countries.