Developing nations see jump in clean energy investment, report says

Renewable energy investments are heading toward developing countries that want to transition from pricey fossil fuels, a report said.

China led the way with $67 billion spent on solar, wind and other clean energy projects, more than half of the total $112 million spent in 2012 among emerging nations, according to Bloomberg, citing the United Nations. That’s rapidly catching up with the $132 billion shelled out last year by developed nations such as the United States and Britain.

And of the 138 countries that have set renewable energy goals, one-third are developing nations, the report said. The gap between spending on clean energy between developing and developed nations has narrowed to 18% in 2012, a dramatic decline from the 250% seen in 2007.

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The biggest jump in investing regionally came from Africa and the Middle East. Clean energy spending zoomed 228% to $12 billion last year. Spending in some developed countries such as Germany and the U.S. fell more than 30%.

Achim Steiner, executive director of the U.N. Environment Program, told Bloomberg that countries are making the connection between renewable energy and “a future of energy access and security” away from fossil fuels.

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