Green Technology Investments Plummet
Private-sector investments in green or sustainable technologies declined 48 percent for the first quarter of 2009, according to a new report from the Cleantech Group and Deloitte.
The total amount invested globally – $1 billion across 82 companies in the U.S., China, India and Europe – represents a 41 percent decline compared to the fourth quarter of 2008.
VC funding in green or sustainable technologies peaked in the third quarter of 2008 at $2.6 billion. The first quarter 2009 level is about equal to where it was two years ago.
Yet while private investment wanes, governments are stepping up to the plate in a big way. According to a new report, “Towards a Global Green Recovery,” governments are injecting $400 billion in cleantech stimulus funding.
In the private sector, Cleantech reports that top investment areas from the first quarter of 2009 were:
- solar – $346 million
- biofuels – $96 million
- advanced batteries – $94 million
- electric vehicles – $78 million
Pundits have warned that the United States is falling behind on funding clean and sustainable technologies.
Before economic problems hit, Ernst & Young released data last October that showed global investments in cleantech were on the rise.
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