MANILA, Philippines - A new United Nations Environment Programme (UNEP) report has acknowledged the Philippines as one of four developing economies that is establishing “policies and laws fostering clean energy as part of a Green Economy.”
The report, titled “Global Trends in Sustainable Energy Investment 2009”, recognized Brazil, Chile, Peru and the Philippines for crafting policies and legislation on clean energy.
The report also said that over half the $250 billion invested in new power generating capacity worldwide in 2008 was spent on renewable energy sources.
The amount, worth about $155 billion, invested in clean energy comprised more than two-thirds of renewable energy projects, from geothermal and wind to solar and biofuels, and $13.5 billion on companies ramping up new technology development.
The new study, prepared by research firm New Energy Finance, reported that last year’s investment in clean energy quadrupled the amount in 2004, and topped the 2007 record by five percent, although outlay was down 17 percent in the second half of 2008 on the first half, a trend continuing in 2009.
“Without doubt the economic crisis has taken its toll on investments in clean energy when set against the record-breaking growth of recent years,” said UNEP executive director Achim Steiner.
As investment in low carbon energy fell in the United States by two percent and growth slowed in Europe, Steiner said the bright spots in 2008 came mostly from developing economies.
“China became the world’s second largest wind market in terms of new capacity and the world’s biggest photovoltaic manufacturer, and a rise in geothermal energy may be getting underway in countries from Australia to Japan and Kenya,” he said.
Steiner said Mexico, the global host of World Environment Day on June 5, is set “to double its target for energy from renewables to 16 percent as part of a new national energy policy.”