12/08/2010 - Current policies among the world's richest 20 nations will result in $546bn (£348bn) less being invested in clean energy by 2020 than is needed to prevent dangerous climate change, according to a new report.
The report also predicts that the UK will become a much more significant investor in green technology globally, increasing its spending by 260% over the next decade. But despite this boost to renewable energy and other green industries, the authors believe that India will nudge ahead of the UK into third place by 2020.
On a business-as-usual basis, $1.7 trillion (£1.08tn) would be invested globally in renewables like solar and wind, biomass and other low-carbon forms of electricity generation over the next decade.
According to a report carried out by Bloomberg New Energy Finance for Pew Charitable Trusts, this would still be $546bn short of the investment which more proactive government policies on climate change by the G20 countries would bring about globally. "Enhanced" policies such as fixing a price on carbon and tough restrictions on power stations' emissions are seen as key to restricting a rise in temperatures to no more than 2C.
Read the article Global Investment in Renewables to Total $1.7 Trillion by 2020 in its entirety on the Guardian Web site.