Clean energy investments in India jump to $10.2 bn

Becoming the second fastest growing clean energy market among the G-20 nations, India attracted investments worth USD 10.2 billion in this segment last year.

The clean energy investment in India last year jumped 54 per cent to USD 10.2 billion, according a report by US-based non-profit group Pew Charitable Trusts.

"India's clean energy sector was the second-fastest growing (market) in the G-20 in 2011...," said the report titled 'Who's Winning the Clean Energy Race?'

"The wind sector in India led the way, attracting USD 4.6 billion and spurring deployment of 2.8 GW during the year, a 38 per cent increase in wind generating capacity," he added.

Last year, solar energy investments, too, jumped in India.

G-20 is a grouping of 20 countries that account for over 80 per cent of global economic output.

In India, 45 per cent of financing (USD 4.6 billion) was directed towards wind resources, while 41 per cent (USD 4.2 billion) were into solar last year.

"India's growth propelled it from 10th to sixth place in the G-20, and the country ranks fifth in terms of five-year investment growth," the report said.

Apart from wind energy, the country is planning to have 20,000 MW solar capacity by 2020 through its National Solar Mission.

Figures from Pew Charitable Trusts showed that clean energy investment worldwide soared to USD 263 billion in 2011.

The G-20 member countries alone accounted for 95 per cent, or USD 225 billion, of all global investments in clean energy.

"In 2011, a record 83.5 GW of new renewable energy technology was deployed around the world, including 43 GW of wind and a record 29.7 GW of solar generating capacity," the report said.

The declining cost of wind and solar power generation has also spurred increased investments in clean energy projects.

On the other hand, the report said that clean energy initiatives are likely to slow down this year in Europe.

"In contrast, Indonesia, China, Australia, and India occupy four of the top five spots for clean energy investment growth over the past five years as these countries seek to meet the increasing electricity demands of an emerging middle class," it added.