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Green energy overtakes fossil fuel investment, says UN

June 11, 2009

Green energy overtook fossil fuels in attracting investment for power generation for the first time last year, according to figures released today by the United Nations.

Wind, solar and other clean technologies attracted $140bn (£85bn) compared with $110bn for gas and coal for electrical power generation, with more than a third of the green cash destined for Britain and the rest of Europe.

The biggest growth for renewable investment came from China, India and other developing countries, which are fast catching up on the West in switching out of fossil fuels to improve energy security and tackle climate change.

“There have been many milestones reached in recent years, but this report suggests renewable energy has now reached a tipping point where it is as important — if not more important — in the global energy mix than fossil fuels,” said Achim Steiner, executive director of the UN’s Environment Programme.

Article here.

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