As President Barack Obama exhorts Americans to get behind a coherent energy policy, a new study shows the U.S. falling behind in the race to develop new, clean sources of energy, according to a new study by Pew Charitable Trusts.
Last year, clean energy investment across the globe grew by 30%, to $243 billion last year, with China continuing to solidify its position as the world’s clean energy leader by investing a record $54.4 billion in 2010.
China’s investment represented a 39% increase from 2009, the new Pew Study said. Germany was second in the G-20, up from third last year, after experiencing a 100% increase in investment, to $41.2 billion.
“The clean energy sector is emerging as one of the most dynamic and competitive in the world, witnessing 630% growth in finance and investments since 2004,” said Phyllis Cuttino, director of Pew’s Clean Energy Program.
“Countries like China, Germany and India were attractive to financiers because they have national policies that support renewable energy standards, carbon reduction targets and/or incentives for investment and production and that create long-term certainty for investors,” she said.
The United States, which had maintained the top spot until 2008, dropped another rung in 2010 to third, with $34 billion invested.