China’s spending on renewable energy ranks world No. 1

China has become the top investor in renewable energy in the world, experts said Tuesday at the ongoing forum for decentralized sustainable energy solutions in China.

Dr. Eric Martinot, a senior research fellow with the U.S.-basedWorldwatch Institute and senior visiting scholar of Tsinghua University, said that excluding large hydropower, China invested 6billion U.S. dollars in renewable energy in 2005 out of a global total investment of 38 billion dollars.

Soaring oil prices have made renewable energy a focus for worldinvestors, said Martinot. Government support for renewable energy was 10 billion dollars in 2004 for the United States and Europe, including budget fund and policy support. The United States and Europe provide more than700 million dollars per year for research and development, said Martinot.

.newsgd