Indian Clean Energy Growth Was Fastest in World in 2011, Report Says

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Renewable energy investments in India increased by more than 52 percent in 2011, the fastest growth among major global economies, according to a new report.

More than $10.3 billion was invested in renewable energy projects in India last year, with about $4.6 billion targeting wind energy projects and another $4.2 billion going toward solar projects, the Bloomberg New Energy Finance (BNEF) report said.

For solar, that represented a seven-fold increase from 2010, when investments totaled about $600 million. According to a separate report, the declining price of solar panels has now made solar powera cheaper energy option than diesel generators in India.

“India’s record performance in 2011, and the momentum it is carrying into 2012, is one of the bright spots in the clean energy firmament,” said Michael Liebreich, BNEF’s chief executive.

According to the BNEF report, India is likely to exceed its target of adding 12.4 gigawatts of grid-connected renewable energy as set out in its current five-year plan, which ends next month.

Article appearing courtesy Yale Environment 360.

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Yale Environment 360 is an online magazine offering opinion, analysis, reporting and debate on global environmental issues. We feature original articles by scientists, journalists, environmentalists, academics, policy makers, and business people, as well as multimedia content and a daily digest of major environmental news. Yale Environment 360 is published by the Yale School of Forestry & Environmental Studies and Yale University. We are funded in part by the Gordon and Betty Moore Foundation and by the John D. and Catherine T. MacArthur Foundation. The opinions and views expressed in Yale Environment 360 are those of the authors and not of the Yale School of Forestry & Environmental Studies or of Yale University.

1 Comment

  1. Relative to the wealth of India, it appears that they are investing far more than other countries who have much more resources. For example, are they investing more in green energy than the U.S.?

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