Last week Bloomberg New Energy Finance announced that the clean energy sector has passed a very impressive waypoint. Since 2004, over one trillion dollars have been invested in the clean energy sector.
Investment in the clean energy sector has been increasing since 2004 which was the year oil prices started to rise. Where oil was sold at $20/barrel before 2004, it quickly rose to $100/barrel. Also, 2004 was the year Germany began its world benchmark feed-in tariff program for renewable green energy.
Bloomberg chief executive Michael Liebreich says:
The trillionth dollar milestone shows that the world is not waiting for a deal on climate in order to start turning the supertanker away from fossil fuels. It should serve as a message to the UN and all those in Durban to stop obsessing about a binding deal to cap carbon emissions, and to think much harder about how to speed up investment in the solutions. Another five years of investment growth at the same compound rates, and the world will have broken the back of emissions growth.