Renewable energy is growing, and so are its supporters. The UN has reported that, according to its own internal analysis, investment in green energy, clean electricity and renewable energy garnered more investment than traditional energy sources for the first time, in 2008.

With a total investment of $140bn, compared to the $110bn for fossil fuels, it seems that investors, like many politicians in the so-called 'green revolution', are warming to the idea of green energy.

In glowing praise and optimism, the Director of the UN's Environment Programme stated that,

"There have been many milestones reached in recent years, but this report suggests renewable energy has now reached a tipping point where it is as important – if not more important – in the global energy mix than fossil fuels".

Putting the UN's announcement alongside news last month that, in the UK, green energy suppliers hope in the next three years to match the prices offered by conventional energy tariffs, it seems clear that, with the right moves being made, green energy is likely to develop a mainstream and, quite possibly, majority share of energy provision, in a number of countries.

There have been other encouraging steps. That the US is now the leading investor for wind energy in the world, marks a shift from the vastly reluctant US that dominated environmental policy during the Bush Administration, and China, whose environmental policies are often criticised, substantially increased their wind energy research and implementation, and are looking to make significant investment in solar energy in the next year. India, too, notably increased their investments and research into renewable energy and its economic and environmental benefits.

Some, though, are wary that, as the world sits on the cusp of an opportunity to take renewable energy forward, politicians might become complacent in policy. The consultancy firm, New Energy Finance, have warned against such a problem.

"There is a strong case for further measures, such as requiring state-supported banks to raise lending to the ­sector, providing capital gains tax exemptions on investments in clean technology, creating a framework for Green Bonds and so on, all targeted at getting investment flowing...Many of the policies to achieve growth over the medium-term are already in place, including feed-in tariff regimes, mandatory renewable energy targets and tax incentives. There is too much emphasis amongst some policy-makers on support mechanisms, and not enough on the urgent needs of investors right now".

The green energy industry, not to mention its supporters, now have a real opportunity, which many will be urging them not to waste.

Source: The Guardian

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