IEA Says Recession May Not Affect Spending on Renewable Energy

(Bloomberg) — The global financial crisis may not affect investment in renewable energy projects this year as countries strive to cut emissions of pollutants and reach a new climate-change agreement, the International Energy Agency said.

The IEA is preparing a report to assess the impact of the global recession and the credit crunch on spending in renewable energy, he said. New investment in clean energy projects worldwide climbed to $24.3 billion in the second quarter this year from $13.3 billion in the first, driven by programs in Europe, the Middle East and Africa, New Energy Finance, a London-based consultant, said in a report on July 2.

Climate change will influence the development of the power sector, Nguyen said, as China and India aim to triple electricity consumption in the next two decades. Emissions can fall by 40 percent if output of greenhouse gases blamed for global warming, including carbon dioxide, is reduced in power generation, he said.

Bloomberg