The one trillionth dollar has been spent on renewable energy since 2004 according to a new report.
The announcement, by Bloomberg New Energy Finance, states that the milestone was reached "during the last two weeks of November, probably somewhere in the developing world."
Installing solar panels Image: OregonDOT |
The precise trillionth dollar that changed hands is difficult to identify at a time when investment in renewable energy, energy efficiency and 'smart' technology is burgeoning. Bloomberg began recording clean energy investments in 2004 at a time when oil prices began to rise significantly and Germany introduced the first feed-in tariff scheme for electricity generated from renewable technology, such as wind farms and solar panels.
According to the report, annual clean energy investment has grown nearly five-fold with 2010 figures reaching $243bn from just $52bn when Bloomberg's records began. The organisation is predicting a continued exponential rise in 2011 with a number of major projects being set up in the US, Europe, China and India.
While reluctant to name the specific project that took expenditure past the $1trn mark, Bloomberg cited a number of possible candidates over the two week period in November, with everything from a biomass plant in Brazil to a solar thermal project in Morocco and a biodiesel rights issue in Germany.