A recent study made by environmentalist, that China has overtaken the US as top investor in clean energy. Asia now become a powerhouse in the emerging field, the report said.
China has shown determination to be on the front line of the green technology while the US investors have been put off by uncertainties amidst battle on climate change.
Chinese investment in clean energy soared by more than 50% in 2009 to reach around $34.6 billion far more than any country in the group of 20 major economies, the study led by Pew Charitable Trusts said.
Total US investment was about half of that at $18.6 billion, the first time in five years that the world’s largest economy lost the top spot in clean energy, the study said.
While it is true that China is now the world’s clean energy house, China also has taken the lead and overtakes the US as the top emitter of carbon blamed for global warming who came under fire for its role in December much criticized US Climate Summit in Copenhagen, Denmark.
China had made a strategic decision to invest in wind and solar technologies as it copes up with sharply rising demand for energy – and has set some of the world’ most ambitious targets on renewable energy.
The study also found strong investment by Britain which ranks third with 11.20 billion dollars for green energy; Spain, which came in first in green investment when taken as percentage of gross domestic product and Germany.
Nations seen as struggling in the clean energy competition include the US, Australia and Japan. They have championed climate action but none of the countries have set in motion nationwide plans to curb emissions.
