For the first time ever, electricity from renewable sources has surpassed fossil fuels in new power-plant investments.
Wind, sun, biomass and wave generated electricity brought in $187 billion in 2010, upstaging gas, oil and coal profits of $157 billion, according to data reviewed by Bloomberg New Energy Finance.
Touted as
record investment in the middle of a financial crisis, the renewables boom has been spurred by both the $66 billion in subsidies and the intensified competition between the makers of solar panels and wind turbines.
While it is predicted by 2020 investment could double to $395 billion a year, Bloomberg reported renewables companies are struggling with the rapid increase in demand and subsequent surge in production.
In addition to this, the pending expiry of pollution caps under the 1997 Kyoto Protocol is seen to pose concern for renewables' current reign.
