Brazil, China and India are expected to fuel global investments in clean energy in 2011 that are expected to reach $240 billion, the head of a United Nation’s green economy initiative said Wednesday.
The U.N.’s environmental unit (UNEP) said investment in renewable energy hit $180-$200 billion in 2010 up from $162 billion in 2009, driven by the three countries.
The increased investments are because sustainable energy is gaining momentum as governments seek cheaper sources — such as solar, wind and ethanol — to cushion against rising oil prices.
“Investment may be close to $240 billion in clean energy that includes energy efficiency and renewable energy,” said Pavan Sukhdev, head of UNEP’s Green Economy initiative.
The United Nations says greening energy supplies needs over $360 billion annually.
Adverse effects of climate change have forced countries to look for ways of cutting gas emissions and encouraging eco-friendly systems, Sukhdev told Reuters.
He said the United Nations had a European Union grant to help seven African countries including Kenya, South Africa, and Burkina Faso to formulate policies that would enable the transition to a green economy.
