Emerging economies spend more on renewables, reports show

06/13/2013 | Bloomberg

Developing countries, led by China, invested $112 billion in renewable energy last year, narrowing the gap with industrialized nations, which accounted for $132 billion, according to two studies. Renewable-energy spending worldwide fell to $244 billion last year from $279 billion the year before, thanks to the declining price of wind and solar equipment, the reports found. "It is encouraging that renewable energy investment has exceeded $200 billion for the third successive year, that emerging economies are playing a larger and larger part, and that the cost-competitiveness of solar and wind power is improving all the time," said Michael Liebreich, CEO of Bloomberg New Energy Finance, which worked on one of the reports.

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