Green spent to go green is up. Global investments in renewal energy surged 17 percent in 2014, to $270 billion. This was reported in the ninth yearly report of the United Nations Environment Programme (UNEP).
The largest investments included China ($83.3 billion), the U.S. ($38.3 billion), and Japan ($35.7 billion). The $270 billion in worldwide green energy investments followed two years of decreases, and are somewhat surprising due to the recent sharp decrease in oil prices, according to Greentech Lead.
One of the main causes of the increase in renewal energy initiatives was more solar installations in China and Japan. There was also a record investment in offshore wind energy projects.
In fact, investments in solar and wind energies comprised 92 percent of overall investments in green power and fuels, according to Renewable Energy Focus. Solar investments rocketed 25 percent, while wind power investments rose to a record $99.5 billion.
However, Udo Steffens, president of Frankfurt School of Finance & Management warns to be cautiously optimistic. He notes lower oil prices' negative effect on certain sectors of the green energy industry.
Steffens explains that oil-exporting countries will probably be slow to invest in solar power. Falling oil prices have already decreased biofuels' prices in most of the world's regions.
Biofuel prices dropped eight percent ($5.1 billion), and biomass prices fell by 10 percent ($8.4 billion).
The largest 2014 increase in green energy investments was easily in China. It surged 39 percent from 2013, to a record $83.3 billion.
Another key feature in the 2014 UN report was the rapid increase of renewable energy investments in developing countries. Total investments shot up 36 percent to $131.3 billion.
Fifteen new wind turbines opened in Nova Scotia, Canada in 2012,
