Isra-Mart srl:UN predicts surge in clean energy investment

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Global investment in clean energy is set to reach $240bn this year, according to new figures from the UN Environment Programme (UNEP). This confirms that Brazil, China and India are continuing to accelerate green spending plans.

The spending represents an increase of around 20 per cent on the $180bn-$200bn invested globally in clean energy and energy-efficiency projects during 2010.

The figures were set out by Pavan Sukhdev, head of UNEP's Green Economy initiative, who yesterday told news agency Reuters that increased investment in emerging economies was driving the development of a global green economy.

The news comes just days after UNEP released a landmark report detailing how the world can build a green economy that will lead to improved economic growth compared to business-as-usual at an initial cost of just two per cent of GDP.

It also came on the same day as UNEP used its annual meeting in Nairobi to announce a wide-ranging agreement with the European Commission that will see the two bodies step up efforts to foster the emergence of green economies in developing countries.

"The EU and UNEP share many common priorities – from climate change and sustainable energy to environment and development," said EU environment commissioner Janez Potočnik. "Sustainable management of natural resources, sustainable consumption and production and the green economy are among those key priorities."

Specifically, UNEP and the EU will work together on a multimillion-euro project to help restore the north western part of the Mau forest complex in Kenya alongside the Kenyan government.

Elsewhere at the UNEP summit, scientists released a report detailing how targeting soot and methane emissions represents one of the most effective means of tackling climate change.

The report, entitled Integrated Assessment of Black Carbon and Tropospheric Ozone, predicts that tackling relatively short-lived greenhouse gases such as methane, ozone and so-called black carbon, could help cut global warming by up to 0.5°C by 2030, and as such play a key role in avoiding climatic tipping points that scientists fear could occur if temperatures rise by more than 2°C above pre-industrial levels.