India: Preferred choice for clean energy investment

Wednesday, 11 April 2012 18:30 administrator
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A new research shows India's ascent as a top destination for private clean energy investment.

 

Washington. India's clean energy sector continued to flourish in 2011, with private investment increasing 54 per cent to $10.2 billion, placing the country at number six among G-20 nations, according to new research released by The Pew Charitable Trusts. This was the second highest growth rate among the G-20 nations.    

"On a number of measures, India has been one of the top performing clean energy economies in the 21st century, registering the fifth highest five-year rate of investment growth and eighth highest in installed renewable energy capacity. The country holds great potential in the Asia/Oceana region and will continue to be a top destination for private investment this year," said Phyllis Cuttino, director of Pew's Clean Energy Program.     

India's "National Solar Mission," with a goal of 20 GW of solar power installed by 2020, helped drive the seven-fold jump in solar energy investments, to $4.2 billion. India received $4.6 billion and an additional 2.8 GW of capacity was installed over the course of the year. India now has 22.4 gigawatts of installed clean energy generating capacity.    

"Solar installations drove most of the activity last year as the falling price of photovoltaic modules, now 75 per cent lower than three years ago, more than compensated for weakening clean energy support mechanisms in a number of parts of the world," said Michael Liebreich, CEO of Bloomberg New Energy Finance, Pew's research partner.

The United States reclaimed the top spot among all G-20 nations and attracted $48 billion. Investments in the G-20 countries for 2011 accounted for more than 95 per cent of the global total in the sector.