Global clean energy finance and investment grew 30% in 2010 to $243 billion, according to new research by The Pew Charitable Trusts.
China led the way with a record $54.4 billion, with Germany coming in a strong second with $41.2 billion.
"The clean energy sector is emerging as one of the most dynamic and competitive in the world, witnessing 630 percent growth in finance and investments since 2004," says Phyllis Cuttino, director of Pew's Clean Energy Program. "Countries like China, Germany and India were attractive to financers because they have national policies that support renewable energy standards, carbon reduction targets and/or incentives for investment and production and that create long-term certainty for investors."
The United States, which had the top spot until 2008, fell to third with $34 billion.
The United Kingdom experienced the greatest decline in the G-20, falling from 5th to 13th. Data from the report suggests that uncertainty surrounding clean energy policies may be causing investors to look elsewhere for opportunities.
The favored technology for clean energy investment? Wind power, coming in at $95 billion. The solar sector experienced significant growth as well, with investments growing 53% to $79 billion.
The full report detailing global clean energy investment in 2010 can be found at www.pewenvironment.org/CleanEnergy