6 July 2011
A new report says China has become the world's biggest investor in renewable energy projects.
The report, prepared with United Nations participation, also said developing countries outspent developed countries on green energy projects for the first time last year.
Worldwide spending on renewable energy projects in 2010 reached $211 billion, almost one-third more than in 2009. China accounted for almost one-quarter of the total with spending of $48.9 billion.
The report said China poured much of its money into wind farms, which received the largest share of last year's global investment at almost $95 billion. Solar energy placed second at $86 billion while $11 billion was invested in energy production from biomass and waste.
The report was based on a joint study by the Frankfurt School of Finance and Management, the U.N. Environment Program and the Bloomberg New Energy Finance news service. It was released Tuesday in Frankfurt, Germany.
The study said Germany led the world in new investment in roof-top solar panels with spending of $34 billion, more than twice as much as the previous year.