WHO S WINNING THE CLEAN ENERGY RACE? G-20 INVESTMENT POWERING FORWARD

Transcription

1 WHO S WINNING THE CLEAN ENERGY RACE? 2010 E D I T I O N G-20 INVESTMENT POWERING FORWARD

2 THE PEW CHARITABLE TRUSTS The Pew Chritble Trusts pplies the power of knowledge to solve tody s most chllenging problems. Pew employs rigorous, nlyticl pproch to improve public policy, inform the public nd stimulte civic life. We prtner with diverse rnge of donors, public nd privte orgniztions nd concerned citizens who shre our commitment to fct-bsed solutions nd gol-driven investments to improve society. For dditionl informtion on The Pew Chritble Trusts, plese visit THE PEW ENVIRONMENT GROUP The Pew Environment Group promotes prcticl, meningful solutions to some of the world s most pressing environmentl problems. Joshu Reichert, Mnging Director, Pew Environment Group Phyllis Cuttino, Progrm Director, Clen Energy Progrm Dvid Ctrious, Reserch Director, Clen Energy Progrm Gvin Feiger, Fellow, Clen Energy Progrm Jessic Frohmn Lubetsky, Senior Associte, Clen Energy Progrm Lur Lightbody, Mnger, Clen Energy Progrm Brendn Reed, Associte, Clen Energy Progrm For dditionl informtion on the Pew Environment Group, plese visit ABOUT THE REPORT Who s Winning the Clen Energy Rce? 2010 Edition: G-20 Investment Powering Forwrd ws developed for public informtionl nd eductionl purposes. It is n updte of The Pew Chritble Trusts Mrch 2010 report Who s Winning the Clen Energy Rce? Growth, Competition nd Opportunity in the World s Lrgest Economies, which exmined 2009 clen energy, finnce nd investment in the countries tht mke up the Group of Twenty (G-20). 1 This report lso follows on Pew s December 2010 report Globl Clen Power: A $2.3 Trillion Opportunity, which exmines scenrios for privte investment in renewble energy ssets in G-20 ntions over the next decde. Pew s interntionl investment reserch complements ongoing efforts by the Pew Environment Group nd the Pew Center on the Sttes to chronicle the extent of jobs, businesses nd investments in Americ s clen energy economy. Underlying dt for this report were compiled for the Pew Environment Group by Bloomberg New Energy Finnce, the world s leding provider of news, dt nd nlysis on clen energy nd crbon mrket finnce nd investment. Bloomberg New Energy Finnce s globl network of 100 nlysts locted cross Europe, the Americs, Asi nd Afric continuously monitor mrket chnges, del flow nd finncil ctivity, llowing instntneous trnsprency into the clen energy nd crbon mrkets. A full description of the methodology nd prmeters employed for this report cn be found in Appendix I. ACKNOWLEDGEMENTS We re grteful to our reserch collbortors t Bloomberg New Energy Finnce, led by Ethn Zindler, with Nicole Aspinll, Victori Cuming, Ann Czjkowsk, Sturt Dvis nd Krishnn Shkkotti, s well s specil thnks to Michel Liebreich. We would lso like to thnk our Pew collegues Trcy Schrio, Kymberly Escobr, Peter Dykstr, Pete Jnhunen nd Shnnon Po, s well s Jonthn Rich of JCR Communictions. We thnk Alziro Brg Grphic Design nd Jun Thomssie for grphic ssistnce nd Dvid Hrwood of Good Works Group for his work in prepring this report. Copyright 2011 The Pew Chritble Trusts 1 The Group of Twenty ws estblished in 1999 to bring together leding industrilized nd developing economies to discuss key globl economic issues. The G-20 is mde up of the finnce ministers nd centrl bnk governors representing the Europen Union nd 19 countries: Argentin, Austrli, Brzil, Cnd, Chin, Frnce, Germny, Indi, Indonesi, Itly, Jpn, Mexico, Russi, Sudi Arbi, South Afric, South Kore, Turkey, the United Kingdom nd the United Sttes. No dt re provided for Russi nd Sudi Arbi becuse clen energy investment there is negligible.

3 Pictures in the Cover: 1. Worker instlling solr pnels: Shutterstock / Elen Elisseev 2. Presidents posing for officil picture: The British Prime Minister s Office 3. Plnet: Shutterstock / 1xpert 4. Turbines: Shutterstock / mjeczk CONTENTS Executive Summry Key Findings Globl Investment Growth Asi Rising Big Numbers for Smll Projects G-20 Solr Investment Surges, Remins Industry Leder Venture Cpitl/Privte Equity Investments Rebound Instlled Clen Energy Cpcity Approches 400 GW Stimulus Funding Grows in 2010 Who s Winning the Clen Energy Rce? Chin Rors Ahed Rooftop Solr Propels Germny to Second Spot The United Sttes Slips Agin Investment Grows in Indi Itly Closes in on Grid Prity Debt Crisis Squeezes Spnish Mrket United Kingdom Investment Plummets Ltin Americ Poised for Growth Finncing Types nd Trends About the Investment Dt Asset Finncing Smll Distributed Cpcity Public Mrket Finncing Venture Cpitl/Privte Equity Finncing Instlled Renewble Energy Cpcity G-20 Stimulus Funding for Clen Energy Appendix I: List of Figures Appendix II: Methodology Country Profiles Argentin Austrli Brzil Cnd Chin Frnce Germny Indi Indonesi Itly Jpn Mexico Spin South Kore Turkey United Kingdom United Sttes Other EU

4 2 EXECUTIVE SUMMARY Who s Winning the Clen Energy Rce? 2010 Edition EXECUTIVE CONTENTS SUMMARY The clen energy rce is on. The investment nd finnce dt presented in this report show tht countries re jockeying for ledership position in this growing nd incresingly competitive sector. Countries with cler, consistent nd constructive clen energy policies re powering investment forwrd. This report exmines key finncil, investment nd technologicl trends relted to clen energy in the world s leding economies, lso known s the Group of Twenty (G-20). Our primry focus is on investment, which is the fuel tht propels the innovtion, commerciliztion, mnufcturing nd instlltion of clen energy technologies. The dt hve been compiled nd reviewed by Pew s reserch prtner, Bloomberg New Energy Finnce, mrket reserch firm focused on renewble energy. Our reserch shows tht the clen energy sector round the world hs rored bck from flt recessionry levels, incresing 30 percent from 2009 to chieve record $243 billion 2 worth of finnce nd investment in More thn 90 percent of ll clen energy investments were directed to compnies nd projects in the G-20. Excluding reserch nd development funding, clen energy finnce nd investment in the G-20 countries totled $198 billion, 33 percent more thn ws invested Collectively, the Europen region ws the leding recipient of clen energy finnce, ttrcting totl of $94.4 billion. Europe s ledership position ws solidified by more thn 100 percent growth in investment in smll-scle solr instlltions in Germny nd Itly. Rising mong the rnks of top-10 countries for privte clen energy investment, Germny nd Itly ttrcted $41.2 billion nd $13.9 billion, respectively. Although smll-scle solr energy investments helped Europe mintin its position s the leding region for clen energy finnce in 2010, the Asin region is closing the gp rpidly nd is expected in the coming months nd yers to become the center of grvity for clen energy investment. Overll clen energy investment in the Asin region incresed 33 percent to $82.8 billion in Asi/Oceni s emergence is fueled in lrge prt by the rpid rise of Chin s the world s clen energy superpower. Privte investment in Chin s clen energy sector incresed in by 39 percent in 2010 to world 2 All monetry vlues re 2010 United Sttes dollrs (USD) unless otherwise noted. This figure includes ll investment public nd privte (including reserch nd development) nd G-20 s well s non-g-20 countries.

5 3 record $54.4 billion. Chin lso is the world s leding producer of wind turbines nd solr modules. In 2009, it surpssed the United Sttes s the country with the most instlled clen for privte investment in the G-20 countries, ccounting for 48 percent of totl investments, or $95 billion. The British Prime Minister s Office EXECUTIVE CONTENTS SUMMARY energy cpcity. The Americs region is distnt third in the rce for clen energy investment, ttrcting $65.8 billion overll in Investments in the United Sttes rebounded 51 percent over 2009 levels to rech $34 billion, but the United Sttes continued to slide down the top 10 list, flling from second to third. Given uncertinties surrounding key policies nd incentives, the United Sttes competitive position in the clen energy sector is t risk. Growth is shrper in Ltin Americ, where privte clen energy investment in Argentin incresed by 568 percent nd in Mexico by 273 percent, the highest growth rtes mong G-20 members. Technologiclly, 2010 investments notbly incresed for solr energy, prticulrly for smllscle nd residentil projects. In the G-20, record $79 billion ws invested by the privte sector in solr technologies, fcilitting the instlltion of more thn 17 gigwtts (GW) of new generting cpcity. Compred with 2009, solr energy investments in 2010 incresed by 53 percent, while investments in the wind sector incresed by more modest 34 percent. Still, Clen energy funding llocted by governments to help stimulte growth in response to the globl economic recession rose shrply in 2010 to $75 billion, from $20 billion the prior yer. Corporte nd government reserch nd development funding incresed globlly by 24 percent to $35 billion. Venture cpitl/privte equity funding in the G-20 lso rebounded strongly in 2010, up 26 percent over the previous yer to $8.1 billion. Investment in G-20 smll-scle distributed cpcity rose 100 percent in 2010 to $56.4 billion. 3 Instlltion of 40 GW of wind nd 17 GW of solr helped drive worldwide clen power generting cpcity to 388 GW in This report documents the continued growth nd dynmism of clen energy investment in the world s leding economies. It follows recent Pew reserch showing tht policy priority for clen energy is well-plced: Investment in clen power ssets lone could rech $2.3 trillion over the period. 4 Countries tht succeed in ttrcting investment cn relize the economic, security nd environmentl benefits of the globl rce to hrness clen, renewble energy Who s Winning the Clen Energy Rce? 2010 Edition wind energy remins the fvored technology sources. 3 Smll-scle distributed cpcity investments refers to solr projects of less thn 1 megwtt (MW). 4 Globl Clen Power: A $2.3 Trillion Opportunity, The Pew Chritble Trusts, December

6 4 KEY FINDINGS Globl Investment Grows to Record $243 Billion KEY FINDINGS Who s Winning the Clen Energy Rce? 2010 Edition Worldwide, the clen energy sector rored bck from flt recessionry levels, incresing 30 percent bove 2009 levels to chieve record $243 billion worth of finnce nd investment in Worldwide investments, excluding reserch nd development in clen energy re 630 percent greter thn they were seven yers go (Figure 1), nd there hve been notble shifts in globl competition s investment moves from estblished mrkets in the developed countries to dynmic, emerging mrkets in the developing world. With more thn 90 percent of worldwide investment, the G-20 members continue to dominte the clen energy lndscpe. Excluding bsic reserch nd development, $198 billion ws invested lst yer in the G-20 s clen energy sector. Tken together, G-20 clen energy investments in 2010 incresed 33 percent over 2009 levels. Asi Rising Clen energy investment in the Asi/Oceni region continued its shrp rise, incresing 33 percent in 2010 to $82.8 billion. In 2009, this region surpssed the Americs for the first time; Figure 1: GLOBAL nd G-20 CLEAN ENERGY INVESTMENT, (billions of $) Non-G-20 Countries G-20 Countries * Does not include reserch nd development investments

7 5 in 2010, investment in Asi/Oceni grew fster finncing for smll-scle solr energy projects thn in the Europen Region, nrrowing the gp enbled Europe to hold the led for investment in between the two regions nd edging Asi closer 2010, ttrcting $94.4 billion. Although distnt to becoming the world s top destintion for clen third, clen energy investment in the Americs energy finnce nd investment. Still, surge in grew 35 percent to $65.8 billion. Figure 2: Totl Investment in Clen Energy by Region (billions of $) KEY FINDINGS Shutterstock / Croline Eibl Europe, Middle Est, Afric Asi/Oceni Americs Big Numbers for Smll Projects Smll distributed cpcity is doubling nnul investment ssocited with residentil scle to $56.4 billion. A mssive solr projects of less thn 1 surge in rooftop solr energy megwtt (MW). Purchses of projects in Germny ccounted smll-scle, distributed, clen for more thn hlf of ll smllscle investments. Significnt energy technologies were new nd importnt force driving clen investment in smll-scle nd energy investment to record residentil projects lso occurred levels in Investment in in Jpn, the Europen Union Who s Winning the Clen Energy Rce? 2010 Edition smll-scle projects mong G-20 (especilly Frnce nd Itly) nd members grew by 100 percent, the United Sttes.

8 6 Feed-In Triff Policies Drive Clen Energy Investments KEY FINDINGS Who s Winning the Clen Energy Rce? 2010 Edition Feed-in triffs (FITs) re policy mechnism used by locl nd ntionl governments round the world to spur deployment of clen energy. Although they re novel in the United Sttes, FITs hve been effectively hrnessed in Europe nd other key mrkets. An nlysis by the United Sttes Deprtment of Energy s Ntionl Renewble Energy Lb estimtes tht 75 percent of solr photovoltic deployments nd 45 percent of wind projects globlly hve been motivted by FITs. FITs provide investors with returns tht re cler nd stble. Typiclly, these progrms involve specified renewble energy projects (e.g., solr nd/or wind) with long-term power purchse greements t n greed price. The costs of FITs re usully spred throughout the utility rte bse, on the theory tht ll consumers benefit from the security, environmentl nd other benefits ssocited with deployment of renewble energy. As this report documents, Germny nd Itly hve used FITs to ttrct significnt new investment in solr power projects, vulting these ntions to ledership positions in the 2010 clen energy rce. The explosive growth in investment hs led Germny nd other ntions to moderte the extent of the incentive in order to void bubble mrket nd shrp increses in consumer electricity bills. Still, Germny s fvorble nd effective FIT policy is expected to encourge deployment of s much s 8 GW of solr power. Itlin policymkers recently indicted tht the ntion s FIT progrm will continue unchnged in Clen Energy Trgets Help Ntions Attrct Investment There re vriety of policy tools tht governments cn use to encourge clen energy investment nd development. To frme ntionl clen energy gols, renewble energy trgets hve been employed by numerous governments. Clen energy trgets cn tke mny forms, including spirtionl ntionl objectives; ntionwide requirements tht percentge of totl energy be derived from renewble sources; gols for instlltion of certin mount of solr or wind generting cpcity; or utility-level requirements for clen energy production. As of 2010, t lest 85 countries hd estblished clen energy trget of one form or nother. 5 Exmples include the Europen Union s gol of securing 20 percent of finl energy from renewble sources nd Chin s im to deploy 20 GW of solr energy by Renewble electricity stndrds (lso clled renewble portfolio stndrds) hve been dopted in t lest 30 U.S. sttes nd t lest 10 countries. Renewble electricity stndrds require utilities to obtin minimum percentge of totl electricity generted from renewble sources. Renewble electricity stndrds re n importnt signl to investors tht there will be long-term demnd for renewble energy, mking investment in the sector ttrctive. 5 REN21, Renewbles 2010: Globl Sttus Report, P. 11, GSR_2010_full_revised%20Sept2010.pdf

9 G-20 Solr Investments Surge, Remins Industry Leder 7 Among the vrious clen energy technologies, the solr sector grew the fstest, with investments incresing 53 percent over 2009 levels. Totl 2010 investment in solr energy reched $79 billion, nd record 17 GW of solr generting cpcity ws instlled lst yer, incresing globl instlled cpcity by 70 percent over 2009 levels. The solr sector ccounted for 40 percent of totl clen energy investments in 2010, further indicting tht rpidly declining prices nd generous feed-in triffs for solr re mking these technologies n ttrctive investment option. pricing with other fossil fuels. Still, investments in wind helped drive the ddition of 40 GW of generting cpcity nd ccounted for 48 percent of the nnul clen energy investments in Chin instlled record 17 GW of wind energy in Instlltions in the United Sttes decresed 50 percent from 2009 to 5 GW. Offshore wind investments continue to grow, with importnt projects undertken off the cost of Msschusetts in the United Sttes nd in the territoril wters of Belgium nd Germny. KEY FINDINGS investment levels incresed by 34 percent in 2010, nd wind energy remins the leding recipient of clen energy investments. In 2010, $95 billion ws invested by G-20 members in the wind sector, with one-third of tht totl rriving in the fourth qurter. Low prices for nturl gs, especilly in the United Sttes, undercut wind energy s competitive Among the other clen energy subsectors, biofuels ws notble for its ongoing slump. The 2010 investment of $4.7 billion ws the lowest since 2005, reflecting the fct tht first-genertion biofuels production cpbilities exceed demnd in number of key mrkets, nd secondgenertion biofuels re not sufficiently dvnced for lrge-scle commercil deployment. Figure 3: G-20 Investment by Technology (billions of $) Solr Other Renewbles Biofuels Who s Winning the Clen Energy Rce? 2010 Edition Efficiency

10 8 Figure 4: G-20 Investment by Finncing Type, 2009 vs (billions of $) KEY FINDINGS Who s Winning the Clen Energy Rce? 2010 Edition 20 0 Venture Cpitl/ Privte Equity Reserch nd Development* * Reserch nd development figures represent totl globl funding Venture Cpitl/Privte Equity Investments Rebound After disml 2009, G-20 venture cpitl/privte equity investments in the clen energy sector incresed 27 percent to $8.1 billion in Leding venture cpitl investments included stkes of $400 million in the Pttern Energy Group (wind); $350 million in Better Plce (electric vehicle chrging infrstructure); nd $150 million in Bright Source Energy (solr). The scle of the leding clen energy venture cpitl offerings compre fvorbly with highly publicized offerings in other sectors, such s the Public Mrkets Asset Finnce Smll Distributed Cpcity $200 million offering in lte 2010 for the online socil networking nd microblogging site Twitter. Asset finncing still ccounts for 60 percent of ll clen energy investments, or bout $118 billion in 2010, up 15 percent over 2009 levels. Public mrket finncing recorded 27 percent growth in 2010, to $15.9 billion, s compnies lunched public stock offerings to rise cpitl for expnsion.

11 9 Instlled Clen Energy Cpcity Approches 400 GW The leding clen energy technologies reched record cpcity dditions in 2010, with nnul wind cpcity incresing by nerly 40 GW, nd solr cpcity more thn doubling over record 2009 instlltions to 17 GW. Totl worldwide clen energy generting cpcity hs lmost doubled in the pst three yers in response to strong policies nd incentives, s well s declining cost structures. Figure 5: Totl Worldwide Instlled Clen Energy Cpcity by Technology (s of 2010) Smll-Hydro Biomss nd Wste-to-Energy Solr Geotherml Mrine Totl Stimulus Funding Grows in A dozen governments round the world hve prioritized clen energy investments s prt of economic recovery nd stimulus inititives undertken in response to the globl economic crisis of Governments llocted more thn $194 billion for clen energy efforts in stimulus plns, but only 10 percent of tht mount reched the sector in In 2010, stimulus funding for clen energy efforts more thn tripled to $74.5 billion, led by shrply incresed funding for projects in five G-20 countries: the United Sttes, Chin, Germny, Jpn nd South Kore. Thirty-seven percent of stimulus funding spent to dte hs been directed to energy efficiency progrms, 21 percent to renewble energy nd 17 percent to smrt grid. Another 19 percent of stimulus funding hs been llocted by governments for reserch nd development efforts. Although 2010 ws the pek yer for clen energy stimulus funding, more thn onethird ($69 billion) of the $194 billion pledged to dte is expected to be spent in Figure 6. Totl Stimulus Funding to Dte, by Sector (billions of $) $20.2 $1.5 $3.4 $0.1 $35.5 Totl = $94.8 billion Crbon Cpture & Storge Renewbles Efficiency Grid Reserch nd Development 193 GW 80 GW 65 GW 43 GW 7 GW 0.27 GW 388 GW Trnsporttion Unspecified KEY FINDINGS Who s Winning the Clen Energy Rce? 2010 Edition $17.6 $ Government stimulus funding is not included in the G-20 privte investment figures presented in this report.

12 10 WHO S WINNING THE CLEAN ENERGY RACE? WHO S WINNING THE CLEAN ENERGY RACE? In the first decde of the 21 st century, clen energy grew from niche pplictions into worldwide industry tht now ccounts for nnul power dditions of more thn 60 GW. The rpid growth nd considerble size of the still-youthful industry hve cptured the ttention of investors, inventors nd policymkers like. With the size of the industry quintupling in less thn decde, countries re now dopting policies to spur finnce nd investment, increse mnufcturing nd gin competitive dvntge in sectors nd regions. Overll, it is cler tht the center of grvity for clen energy investment is shifting from the West (Europe nd the United Sttes) to the Est (Chin, Indi nd other Asin ntions). Figure 7: Investment by Country nd Sector, 2010 (billions of $) Chin Germny United Sttes Itly Rest of EU-27 Brzil Cnd Spin Frnce Indi Jpn Austrli United Kingdom Mexico Turkey Argentin South Kore Indonesi South Afric Solr Other Renewbles Biofuels Efficiency

13 Figure 8: Investment by Country nd Finncing Type, 2010 (billions of $) 11 Chin Germny United Sttes Itly Rest of EU-27 Brzil Cnd Spin Frnce Indi Jpn Austrli United Kingdom Mexico Turkey Argentin South Kore Indonesi South Afric Asset Finnce Smll Distributed Cpcity Public Mrkets Venture Cpitl/ Privte Equity WHO S WINNING THE CLEAN ENERGY RACE? Figure 9: Top 10 in Clen Energy Investment, Rnk Country 2010 Investment (billions of $) 2009 Investment (billions of $) 2009 Rnk 1 Chin Germny United Sttes Itly Rest of EU Brzil Cnd Spin Frnce Indi

14 12 WHO S WINNING THE CLEAN ENERGY RACE? Figure 10: Top 10 One-Yer Growth in Investment (2010 vs. 2009) Rnk Country 1-Yer Growth Rte 1 Argentin 2 Mexico 3 Itly 4 Austrli 5 Germny 568% 273% 124% 104% 100% Figure 11: Top 10 Five-Yer Growth in Investment, Rnk Country 5-Yer Growth Rte 1 Turkey 2 Argentin 3 South Afric 4 Indonesi 5 Chin 190% 115% 94% 89% 88% 6 Cnd 61% 6 Brzil 81% 7 U.S. 51% 7 Mexico 74% 8 Chin 39% 8 Itly 71% 9 Frnce 26% 9 South Kore 62% 10 Indi 25% 10 Rest of EU-27 62% Figure 12: Top 10 Investment Intensity (clen energy investment per $ GDP) Rnk Country Intensity Figure 13: Top 10 in Instlled Renewble Energy Cpcity (GW) Rnk Country Cpcity 1 Germny 1.4% 1 Chin Itly 0.79% 2 United Sttes Chin 0.55% 3 Germny Cnd 0.42% 4 Rest of EU Austrli 0.37% 5 Spin Spin 0.36% 6 Jpn Brzil 0.35% 7 Indi Rest of the EU % 8 Itly United Sttes 0.23% 9 Brzil Frnce 0.15% 10 Frnce 9.57

15 13 Figure 14: Top 10 Five-Yer Growth in Renewble Energy Cpcity, Rnk Country Percentge Increse 1 Chin 2 South Kore 3 Turkey 4 Germny 5 Rest of EU-27 6 Itly 7 Jpn 8 Brzil 9 Frnce 10 Spin 106% 88% 85% 67% 45% 45% 45% 42% 42% 39% The Stte Council hs defined the strtegic position of clen energy industries. This will ensure long-term stbility of policies essentil to clen energy businesses. 7 To Gng, vice president of Sinovel, Chin s lrgest wind turbine producer. On Sept. 8, 2010, the Chinese Stte Council pproved the Decision to Speed Up Cultivting nd Developing Strtegic Emerging Industries. It listed seven industril sectors for policy support, including energy conservtion nd new energies. WHO S WINNING THE CLEAN ENERGY RACE? Chin Rors Ahed Chin s continued bility to ttrct record levels of clen energy investment hs mde it the globl clen energy superpower. The ntion s scendnce hs been stedy nd steep. In 2005, Chin ttrcted less thn $3 billion worth of privte investments in clen energy. In 2009, Chin led the world for the first time, with $39.1 billion invested. In 2010, investment in Chin s clen energy sector incresed to record $54.4 billion, 39 percent higher thn 2009 levels clen energy investments in Chin lone re equl to totl globl investments in With ggressive clen energy trgets nd cler mbition to dominte clen energy mnufcturing nd power genertion, Chin is rpidly moving hed of the rest of the world. In 2010, it ccounted for lmost 50 percent of ll mnufcturing of solr modules nd wind turbines. Chin s instlltion of less thn 1 GW of solr energy cpcity demonstrtes tht most of its production is for export mrkets. In contrst, 17 GW of wind energy ws instlled in Chin in 2010 helping the ntion move quickly towrd its 2020 trget for instlling 150 GW of wind. In fct, Chin ccounted for 47 percent of ll wind energy investments globlly, with $45 billion tllied. Similrly, Chin led the world in sset finncing, with $47.3 billion in privte investments directed towrd instlltion of clen energy generting cpcity. 7 Wu, Q, (2010). Rechrging Chin s clen energy drem., Oct 2, 2010,

16 14 Rooftop Solr Propels Germny to Second Spot WHO S WINNING THE CLEAN ENERGY RACE? Germny hs hd long history of using feedin triffs to propel investments. In 2010, the prospect of reductions in its generous feed-in triffs helped spur drmtic investment growth, propelling the country to second plce mong G-20 countries in 2010 from third plce in Germny ttrcted twice s much clen energy investment in 2010 s in 2009, totling $41.2 billion. Clen energy investments in Germny were dominted by purchses of smll-scle, rooftop solr energy projects. Eighty-eight percent of Germny s clen energy investments were in solr technology, nd 83 percent of totl investments were directed to smll-scle projects. Germny ccounted for 45 percent of The United Sttes Slips Agin Although clen energy investment incresed 51 percent in 2010 to $34 billion, the United Sttes fell to third plce mong G-20 members, one yer fter it lost top billing nd slid to second plce. Current-yer investments in the United Sttes re roughly equivlent to the $33 billion recorded in For vriety of resons, the United Sttes competitive position ppers to be eroding. Stimulus funding tht helped the clen energy industry recover from shrp recessionry declines will expire this yer, nd there is little indiction of ny significnt policies or incentives to fill the gp in the ner future. In fct, investors hve noted ongoing uncertinty in United Sttes. policy s key reson tht totl investment directed towrd the solr sector mong G-20 members nd remins one of the lrgest producers of solr pnels in the world. cpitl is sitting on the sidelines, or looking for certinty nd opportunity brod. Concerns include lck of clrity on the direction of energy policy, uncertinty surrounding continution of key finncil incentives (e.g., production nd investment tx credits), nd disproportionte government supports for century-old fossil energy sources. These uncertinties for clen energy re reflected in the United Sttes subpr stnding on vriety of key mesures, including the five-yer rte of investment growth nd investment intensity. Shutterstock / Philip Lnge The British Prime Minister s Office

17 15 The key is to hve incentives tht lst more thn yer or two. It s hrd for investors to commit with tht kind of long-term uncertinty. Thoms Werner, CEO of SunPower, U.S. mker of solr pnels The United Sttes lso hs fllen to second plce in instlled clen energy cpcity, behind Chin nd just hed of Germny. Although it is second in wind energy cpcity globlly, the United Sttes instlled 50 percent fewer gigwtts of wind power in 2010 thn it did in Its instlled solr power cpcity rnks fifth in the world. the ntion s efficiency level trils tht of Europen nd other G-20 members. Absent doption of predictble, mbitious, longterm clen energy policies, the United Sttes will hve substntil difficulty keeping pce with Chin nd other rpidly growing clen energy economies. WHO S WINNING THE CLEAN ENERGY RACE? Shutterstock / Lis F. Young The United Sttes continues to hold n overwhelming dvntge in the re of venture cpitl/privte equity investment, ccounting for 73 percent of the G-20 totl in The United Sttes lso ttrcted two-thirds of ll G-20 investment in energy efficiency, in prt becuse Investment Grows in Indi Clen energy investments in Indi incresed 25 percent in 2010 to rech $4 billion. Although this level of investment is less thn 10th of Chin s world-leding level, Indi is now firmly entrenched s one of the top 10 countries for clen energy investment nd hs bright future s destintion fvorble to investors. Indi is poised to tke ledership role in the solr sector, with trget of deploying 20 GW by In 2010, the country set bout getting its Ntionl Solr Mission in plce by permitting 0.5 GW worth of lrge solr therml cpcity nd modest 150 MW worth of photovoltic (PV) solr. Once the modlities of the Ntionl Solr Mission re estblished, it is expected tht investment in Indi s solr sector will ccelerte significntly.

18 16 WHO S WINNING THE CLEAN ENERGY RACE? Shutterstock / tm2003 Shutterstock / Apple s Eyes Studio Shutterstock / Quyside Shutterstock / thieury Itly Closes In on Grid Prity In 2010, Itly hd the G-20 s third-highest increse in clen energy investment, which rose 124 percent to $13.9 billion, fourth mong G-20 ntions. As with Germny, fvorble feed-in triffs hve helped spur dditions of smll-scle distributed clen energy cpcity; Itly dded 3 GW of solr energy, the overwhelming mjority in smll projects. Given the high cost of trditionl electricity, Southern Itly is the first region in the world to chieve grid prity, or cost-competitiveness, for solr energy. Debt Crisis Squeezes Spnish Mrket The clen energy sector in Spin suffered s the ntion embrked upon fiscl usterity mesures to stve off concerns bout sovereign debt levels. Once mong the most rpidly growing clen energy economies, Spin fell to eighth plce in 2010, from sixth plce the yer before. Clen energy investments in Spin declined 54 percent in 2010 to $4.9 billion s the ntionl government reduced generous feed-in triffs; credit ws hrd to come by; nd investors looked for more promising mrkets. United Kingdom Investment Plummets After chieving fifth-plce rnking for clen energy investments in 2009, the United Kingdom dropped out of the top 10 in Investment levels in 2009 were driven by lrge volume finncings for offshore wind energy nd the government s commitment to strong ction on climte chnge. But 2010 brought new government to Gret Britin, nd investors pper to believe tht there is high level of uncertinty bout the direction of clen energy policymking in the country. Ltin Americ Poised for Growth Ltin Americn countries pper redy for substntil clen energy growth in the coming yers, especilly in the wind sector, which Bloomberg New Energy Finnce expects to increse fivefold by On percentge bsis, Ltin Americ ws home to the G-20 leders in 2010 investment growth, Argentin nd Mexico, which grew 568 percent nd 273 percent, respectively. Clen energy growth in Ltin Americ is driven by demnd, the desire for energy independence s well s environmentl nd socil concerns bout relince on lrge-scle hydroelectric projects. With considerble nturl resources, the region lso could experience significnt growth in bioenergy. Alredy, Brzil nd Argentin hve substntil biofuels cpcity.

19 17 Shutterstock / Pics-xl KEY FINDINGS Who s Winning the Clen Energy Rce? 2010 Edition

20 18 FINANCING TYPES AND TRENDS FINANCING TYPES AND TRENDS About the Investment Dt This report presents dt on 2010 clen energy finnce nd investment in the G-20 ntions. Public nd privte investments in reserch nd development (R&D) totling bout $35 billion in 2010 re not included in the G-20 investment presenttions. No dt re presented for G-20 members Russi nd Sudi Arbi becuse clen energy investment in these countries ws negligible. Spin, member of the EU but not n individul member of the G-20, is presented independently in this report in view of the size nd relevnce of its clen energy sector. For more detils on the reserch methodology underlying this report, plese see Appendix I. Who s Winning the Clen Energy Rce? 2010 Edition Bloomberg New Energy Finnce trcks thousnds of trnsctions cross the spectrum of clen energy finnce, from R&D funding nd venture cpitl invested in technology nd erly-stge compnies, to the public mrket nd sset finncing used to finnce business growth nd clen energy deployment. The key investment ctegories re: Asset Finncing: This ctegory energy technology nd clen includes ll money invested in power genertion. Public mrket renewble energy genertion finnce is typiclly ssocited projects, whether from internl with the scle-up phse, when compny blnce sheets, debt compnies re rising cpitl in finnce or equity finnce. The public stock mrkets to finnce ctegory excludes refinncing nd product mnufcturing nd roll out. short-term construction lons. Asset Investment in compnies setting up finncing typiclly is ssocited generting cpcity is included in with instlltion of clen energy the next ctegory. equipment nd generting cpcity. Venture Cpitl/Privte Equity: Smll-Scle Distributed Cpcity: This ctegory includes ll money This ctegory includes ll money invested by venture cpitl funds in invested in residentil scle solr the equity of compnies developing projects of less thn 1 MW. renewble energy technology. In generl, venture cpitl is invested Public Mrkets: This ctegory t the innovtion stge, when includes ll money invested in compnies re proving the mrket the equity of publicly quoted potentil of goods nd services. compnies developing renewble

21 Figure 15: The Sustinble Energy Finncing Continuum 19 TECHNOLOGY RESEARCH Government TECHNOLOGY DEVELOPMENT Venture Cpitl MANUFACTURING SCALE-UP ROLL OUT (ASSET FINANCE) KEY: PROCESS FUNDING FINANCING TYPES AND TRENDS Privte Equity ASSET FINANCING Asset finncing, typiclly ssocited with the instlltion of clen energy equipment nd generting cpcity is brometer of clen energy deployment nd the cretion of new jobs. It is the dominnt clss of clen energy finnce. After flling slightly in 2009, sset finncing incresed by 15 percent in 2010 (Figure 16). A totl of $118 billion ws invested in physicl ssets tht generte clen energy (power, het, fuels), with onshore wind being the dominnt sector becuse of its reltive mturity nd sclbility (Figure 17). Key observtions include: Asset finncing helped py for the instlltion of more thn 60 GW of new clen energy cpcity in energy ws the preferred sector for sset finncing in 2010, winning $85.4 billion. Solr energy ttrcted $17 billion in sset finncing, while other renewbles grnered $11.8 billion. Asset finncing for biofuels Public Equity Mrkets Mergers nd Acquisitions Credit (Debt) Mrkets Crbon Finnce ws down 61 percent from 2009 levels to just $3.4 billion. Chin more thn doubled its closest G-20 competitor for clen energy sset finncing, ttrcting $47.3 billion. The United Sttes ws second t $21 billion, followed by Brzil t $6.9 billion nd Germny t $6.2 billion. Who s Winning the Clen Energy Rce? 2010 Edition

22 20 Figure 16: G-20 Asset Finnce by Sector, (billions of $) 140 FINANCING TYPES AND TRENDS Biofuels Olther Renewbles Solr Who s Winning the Clen Energy Rce? 2010 Edition Figure 17: G-20 Asset Finnce by Sector, 2010 (billions of $) Chin United Sttes Rest of EU-27 Brzil Germny Itly Spin Cnd Indi Mexico United Kingdom Austrli Turkey Frnce Argentin Indonesi Jpn South Afric Solr Other Renewbles Biofuels

23 21 SMALL DISTRIBUTED CAPACITY Smll distributed cpcity is ssocited with residentil-scle solr projects of less thn 1 MW. Investment in smll distributed cpcity hs been growing stedily since 2007 but incresed drmticlly in Highlights include: Overll, G-20 investments in smll Frnce experienced 150 percent solr projects incresed 100 percent in growth in smll project investments 2010 to $56.4 billion. to $2.7 billion. Jpn hd 59 percent growth to $3.3 billion. Smll project In Germny, investment in smll finncing incresed 49 percent in the distributed cpcity incresed 132 United Sttes to $4.5 billion. percent to $34.3 billion, 61 percent of ll G-20 investment in smll projects. Figure 18: G-20 Smll Distributed Cpcity Investment (billions of $) FINANCING TYPES AND TRENDS Who s Winning the Clen Energy Rce? 2010 Edition

24 22 Figure 19: G-20 Smll Distributed Cpcity Investment by country, 2010 (billions of $) Germny FINANCING TYPES AND TRENDS Who s Winning the Clen Energy Rce? 2010 Edition Itly United Sttes Jpn Rest of EU-27 Frnce Austrli Chin United Kingdom Cnd Spin Indi South Kore PUBLIC MARKET FINANCING Public mrket finncing enbles compnies to rise cpitl for expnsion nd growth. As the clen energy economy emerged in the mid-2000s, mny clen energy compnies used the stock mrkets to fund their growth plns. At its pek in 2007, public mrket funding reched $23.1 billion, but G-20 public offerings hve not reched tht level in the pst three yers. In 2010, public mrket finncing totled $15.9 billion, n increse of 27 percent over 2009 levels. Key observtions include: Chin dominted this finncing finncing, ttrcting $8.2 billion, more ctegory, ttrcting $5.9 billion, more thn hlf the G-20 totl. Solr energy thn one-third of the G-20 totl. Itly ttrcted $3.9 billion. ws second in this ctegory, ttrcting $3.6 billion. The United Sttes Clen energy vlutions did not ttrcted $2.9 billion in public mrket recover s strongly on the world s finncing. stock mrkets s did other sectors, mking clen energy less ttrctive The wind energy sector ws the for compnies to hold initil public dominnt trget for public mrket offerings.

25 Figure 20: Public Mrket Investment by Sector, (billions of $) Biofuels Olther Renewbles Efficiency nd Low-Crbon Tech/Services Solr FINANCING TYPES AND TRENDS Figure 21: G-20 Public Mrket Investment by Sector, 2010 (billions of $) Chin Itly United Sttes Cnd Germny Indi United Kingdom Brzil Rest of EU-27 Austrli South Kore Frnce Solr Efficiency nd Low-Crbon Tech/Services Olther Renewbles Biofuels Who s Winning the Clen Energy Rce? 2010 Edition

26 24 VENTURE CAPITAL/PRIVATE EQUITY FINANCING Venture cpitl nd privte equity finncing re closely linked with technology innovtion nd development. FINANCING TYPES AND TRENDS Who s Winning the Clen Energy Rce? 2010 Edition Although it ccounts for only 4 percent of clen energy investment, venture cpitl is n importnt indictor of innovtion nd development of promising new clen energy technologies. Venture cpitl finncing in 2010 rebounded from shrp declines the previous yer to record gin of 26 percent, for totl of $8.1 billion. Key observtions include: The United Sttes remins the dominnt leder in venture cpitl finncing, ccounting for $6 billion in 2010, three-qurters of the G-20 totl. The United Kingdom nd Chin re distnt second nd third, with $367 million nd $302 million, respectively, in venture cpitl investments. Energy efficiency ws the leding beneficiry of venture cpitl nd privte equity investments, ttrcting $2.8 billion in energy ttrcted $1.5 billion. Figure 22: G-20 Venture Cpitl/Privte Equity Finncing by Sector, (billions of $) Biofuels Olther Renewbles Solr Efficiency nd Low-Crbon Tech/Services

27 Figure 23: G-20 Venture Cpitl/Privte Equity Finncing, 2010 (billions of $) 25 United Sttes Rest of EU-27 United Kingdom Chin Brzil Argentin Cnd Indi Frnce Efficiency nd Low-Crbon Tech/Services Solr FINANCING TYPES AND TRENDS South Kore Germny Itly Spin Austrli INSTALLED RENEWABLE ENERGY CAPACITY The totl G-20 renewble energy cpcity is 388 GW. Key observtions include: Chin is now the world s leding loction for instlled clen energy cpcity. Chin instlled 17 GW of wind energy in 2010, rising totl instlled wind energy cpcity to 43.4 GW. In the United Sttes, wind energy instlltions declined to 5 GW, 50 percent less thn in 2009, nd now totl 39 GW. The United Sttes leds the world in only one ctegory instlled geotherml energy cpcity. Olther Renewbles Biofuels Germny instlled world record 8 GW of solr energy generting cpcity in 2010, solidifying its ledership position in instlled solr, which now stnds t 18 GW. Who s Winning the Clen Energy Rce? 2010 Edition

28 26 Figure 24: Instlled Renewble Energy Cpcity Figure 25: Instlled Renewble Energy Cpcity FINANCING TYPES AND TRENDS Who s Winning the Clen Energy Rce? 2010 Edition Chin United Sttes Rest of EU-27 Germny Spin Jpn Indi Brzil Itly Frnce United Kingdom Cnd Austrli Turkey Mexico South Kore Argentin South Afric Indonesi Biomss & Wste Smll Hydro G-20 STIMULUS FUNDING FOR CLEAN ENERGY In response to the globl economic crisis of nd the long-term strtegic significnce of the clen energy sector, 12 members of the G-20 committed more thn $194 billion for clen energy progrms. By the end of 2010, $94.8 billion (49 percent) hd been spent, including $74.5 billion in Bloomberg New Energy Finnce trcks government stimulus funding seprtely from the privte finnce nd investment figures presented throughout this report. Reserch nd development funding is included in the totl globl investment numbers (which reched $243 billion in 2010), but stimulus funding for grnts nd incentives re not included. Of the stimulus funds spent to dte, 37 percent hs been llocted for energy efficiency Germny Itly United Sttes Spin Jpn Rest of EU-27 Frnce Indonesi Mexico Chin South Kore Austrli Cnd Indi Turkey United Kingdom South Afric Argentin Brzil Geotherml Solr Mrine progrms, 21 percent ws wrded to renewble energy projects, 19 percent went for reserch nd development, nd 17 percent ws put towrd smrt grid inititives. It is estimted tht governments will spend nother $69 billion in 2011, bringing totl clen energy stimulus spending to 85 percent of totl commitments, with the blnce to be expended in 2012 nd Frnce hs fully spent its clen energy stimulus funds nd Jpn hs pproprited more thn 85 percent. In dollr terms, Chin hs spent the most, some $32 billion, followed by the United Sttes with $23.2 billion spent.

29 Figure 26: Clen Energy Stimulus Funds Spent nd Remining, End of 2010 (billions of $) 27 Country Totl Announced Totl Spent Totl Remining Percent Spent United Sttes Chin South Kore Germny Rest of EU 27 Jpn Austrli United Kingdom Brzil Frnce Spin Cnd Totl Source: Bloomberg New Energy Finnce % 69% 37% 59% 38% 86% 44% 34% 7% 100% 36% 17% 49% Figure 27: Annul Stimulus Funding for Clen Energy Progrms (billions of $) % % % % 9.7 5% FINANCING TYPES AND TRENDS Who s Winning the Clen Energy Rce? 2010 Edition TOTAL * 2012* 2013* *Estimted

30 28 APPENDIX I: LIST OF FIGURES APPENDIX FINANCING I: LIST TYPES OF AND FIGURES TRENDS Who s Winning the Clen Energy Rce? 2010 Edition Fig. 1 Globl nd G-20 Clen Energy Investment, Fig. 2 Totl Investment in Clen Energy by Region Fig. 3 G-20 Investment by Technology, Fig. 4 G-20 Investment by Finncing Type, 2009 vs Fig. 5 Totl Worldwide Instlled Clen Energy Cpcity by Technology Fig. 6 Totl Stimulus Funding to Dte, by Sector Fig. 7 Investment by Country nd Sector, 2010 Fig. 8 Investment by Country nd Finncing Type (2010 vs. 2009) Fig. 9 Top 10 in Clen Energy Investment, 2010 Fig. 10 Top 10 One-Yer Growth in Investment Fig. 11 Top 10 Five-Yer Growth in Investment, Fig. 12 Top 10 Investment Intensity Fig. 13 Top 10 in Instlled Renewble Energy Cpcity Fig. 14 Top 10 Five-Yer Growth in Renewble Energy Cpcity, Fig. 15 The Sustinble Energy Finncing Continuum Fig. 16 G-20 Asset Finnce by Sector, Fig. 17 G-20 Asset Finnce by Sector, 2010 Fig. 18 G-20 Smll Distributed Cpcity Investment, Fig. 19 G-20 Smll Distributed Cpcity Investment by Country, 2010 Fig. 20 Public Mrket Investment by Sector, Fig. 21 G-20 Public Mrket Investment by Sector, 2010 Fig. 22 G-20 Venture Cpitl/Privte Equity Finncing by Sector, Fig. 23 G-20 Venture Cpitl/Privte Equity Finncing, 2010 Fig. 24 G-20 Instlled Renewble Energy Cpcity Fig. 25 G-20 Instlled Renewble Energy Cpcity Fig. 26 Clen Energy Stimulus Funds Spent nd Remining Fig. 27 Annul Stimulus Funding for Clen Energy Progrms

31 APPENDIX II: METHODOLOGY 29 All figures in this report, unless otherwise credited, re bsed on the output of the Desktop dtbse nd nlysis by sector experts of Bloomberg New Energy Finnce, n online portl to the world s most comprehensive dtbse of investors, projects nd trnsctions in clen energy. Dt re current s of the end of 2010 nd re ctegorized by country. Members of the EU not profiled individully here re ggregted s the Rest of the EU. 8 The Bloomberg New Energy Finnce Desktop colltes ll orgniztions, projects nd investments ccording to trnsction type, sector, geogrphy nd timing. It covers 20,000 trnsctions, 24,000 projects nd 38,000 orgniztions, including strt-ups, corportions, venture cpitl nd privte equity providers, bnks nd other investors. Reserch included the following renewble energy projects: ll biomss, geotherml nd wind genertion projects of more thn 1 MW, ll hydro projects between 0.5 nd 50 MW, ll commercil solr projects of more thn 0.3 MW, ll mrine energy projects, nd ll biofuel projects with cpcity of 1 million liters or more per yer. Annul investment in smll-scle nd residentil projects of less thn 1 MW is trcked seprtely by Bloomberg New Energy Finnce. Energy efficiency investment includes finncil investment in technology compnies plus corporte nd government investment in R&D. It excludes investment in energy efficiency projects by governments nd public finncing institutions. Where del vlues re not disclosed, Bloomberg New Energy Finnce ssigned n estimted vlue bsed on comprble trnsctions. Del vlues re rigorously rechecked nd updted when further informtion is relesed bout prticulr compnies nd projects. The sttistics used re historic figures, bsed on confirmed nd disclosed investment. Bloomberg New Energy Finnce continuously monitors investment in renewble energy nd energy efficiency. This is dynmic process. As the sector s visibility grows, informtion flow improves. New dels come to light nd existing dt re refined, mening tht historicl figures re constntly updted. APPENDIX II: METHODOLOGY Who s Winning the Clen Energy Rce? 2010 Edition 8 The Rest of the EU ctegory includes Austri, Belgium, Bulgri, Cyprus, the Czech Republic, Denmrk, Estoni, Finlnd, Greece, Hungry, Irelnd, Ltvi, Lithuni, Luxembourg, Mlt, the Netherlnds, Polnd, Portugl, Romni, Slovki, Sloveni nd Sweden.

32 30 Country Profiles Who s Winning the Clen Energy Rce? 2010 Edition Argentin Argentin ttrcted $743 million in clen energy investment in While the vlue of clen energy investment rnks 16 th mong G-20 members, Argentin hs experienced significnt growth in recent yers, nd led the G-20 in 2010 with 570 percent growth over the lst yer. Argentin s 115 percent growth rte over the pst five yers plces it 2 nd mong the G-20. The country s policy frmework is imed primrily t displcing oil through development of biofuels, which ttrcted 22 percent of 2010 clen energy investment. investments incresed significntly in 2010, ccounting for 62 percent of the totl. Argentin s potentil for wind nd biomss energy sources positions it well for future growth in clen power cpcity. DISTRIBUTION OF INVESTMENT BY SECTOR ( ) Ntionl Clen Energy Policies 14% 38% Biofuels Other renewbles Crbon Cp Crbon Mrket Renewble Energy Stndrd Clen Energy Tx Incentives 48% Finnce nd Investment (2010) Totl Investment $743 million G-20 Investment Rnk 16 Percentge of G-20 Totl 0.3% 5-Yer Growth Rte 115% Instlled Clen Energy (2010) Totl Instlled Renewble Energy 0.6 GW Percentge of G-20 Totl 0.1% 5-Yer Growth Rte 2% Key Renewble Energy Sectors 55 MW Smll-Hydro 436 MW Key Clen Energy Trgets (2012) Renewble Energy Ethnol Biodiesel Key Investment Incentives, Solr, Biomss, Smll-Hydro Biofuel Auto Efficiency Stndrds Feed-in Triffs Government Procurement Green Bonds 8% of totl power genertion (by 2016) 5% of totl gsoline consumption 7% of totl diesel consumption Production tx credits (PTC) Tx exemption for producers nd gurnteed fixed prices set by government

33 Finnce nd Investment (2010) Totl Investment $3.3 billion G-20 Investment Rnk 12 Percentge of G-20 Totl 1.6% 5-Yer Growth Rte 42.5% Instlled Clen Energy (2010) Totl Renewble Energy Cpcity 4 GW Percentge of G-20 Totl 0.8% 5-Yer Growth Rte 18% Key Renewble Energy Sectors 2,000 MW Biomss 741 MW Key Clen Energy Trgets (2020) Renewble energy ccounts for 20% of electricity demnd by 2020 Key Investment Incentives Solr Feed-in triffs All Renewble Green Certifictes Energy Ntionl Clen Energy Policies Crbon Cp Crbon Mrket Renewble Energy Stndrd Clen Energy Tx Incentives AUSTRALIA Austrli s 2010 clen energy investments incresed shrply to $3.3 billion, plcing it 12 th mong G-20 members. Investment in the sector incresed 104 percent, fueled by more thn $1 billion worth of investment in new solr cpcity. Austrli hs diverse clen energy portfolio, led by the wind sector, which ttrcted 57 percent of clen energy investment in The solr sector ccounted for 34 percent of 2010 investments. Austrli seeks to increse instlled wind energy generting cpcity to 4 GW over the next four yers. DISTRIBUTION OF INVESTMENT BY SECTOR ( ) 37% 3% Solr Auto Efficiency Stndrds Feed-in Triffs Government Procurement Green Bonds 2% Other renewbles Efficiency & low crbon tech/services 58% 31 Country Profiles Who s Winning the Clen Energy Rce? 2010 Edition