UK leads Europe in clean energy investment

Despite the ongoing economic slowdown, £74.48 billion was ploughed into renewable energy technology in 2007, according to United Nations Environment Programme (UNEP).

The Global Trends In Sustainable Energy Investment 2008 report notes that the UK has is home to significant amounts of venture capital and private equity investment in the sector, with spending of £947 million last year.

Worldwide, this was second only to the United States' £2,667 million and forms a large part of the European Union's total investment of £2,293 million.

In addition, the UK is a centre for research and development and clean energy incubators, with the second greatest concentration in the world.

Some 19 clean energy incubators, hosting 56 companies, are established in Britain, with the report attributing their success to the UK's academic tradition, the market's support for innovation and active venture capitalists.

Achim Steiner, executive director of UNEP, commented: "Renewable energy and energy efficiency really are the light at the end of the climate tunnel that illuminates the most cost-effective and timely ways to reduce carbon emissions across the global economy.

Last week, the government launched at consultation into renewable energy, with energy minister John Hutton saying the UK could become a "world-class centre of energy expertise".