Last year, 92 billion was spent building solar parks, wind farms and biofuels plants. China, not the United States, was the leader.
China increased its spending on wind farms 27 percent last year. Spending in the Americas fell 25 percent.
China by itself spent $21.8 billion on new wind facilities, a 27 percent jump from 2008. Spending in the Americas fell 25 percent.
The world’s most populous nation also nearly doubled its out lays on solar parks to $1.9 billion. Globally, financing for solar plants was down 5 percent.
A similar trend guided venture capital investing. Clean-tech investing in the U.S. came to $2.6 billion last year, while investing overseas added up to $3 billion. The U.S. spending was off 50 percent as the recession froze financial decision-making. Investments abroad were off by one-third.
While U.S. investors slowly get back on their feet and uninformed Republicans question the science behind global warming, the moneymen in China are spending at a smart pace.
It will likely give that nation an advantage in the years to come.
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This is fantastic! Go China!
Wind mills and magnet motors are the way to produce free electricity