Due to volatile markets and plunging stocks, Wall Street is not so keen on funding renewable energy projects involving new technologies, Reuters reports. That’s what Aaron Lubowitz, managing director of Morgan Stanley’s global structured products group, said at the Clean-tech Investor summit. The “plain vanilla non-emerging technologies,” are the ones that are going to get funded.
Scott Brown, CEO of New Energy Capital, said an economic slowdown large enough to taper electricity demand could impact the growth of the renewable industry. The article noted, though, that Google.org plans to invest in renewable projects.
At the G7 meeting currently in Tokyo, the U.S., Britain and Japan, are set to propose a special fund to promote clean technologies, according to this article. If the idea gains traction, the World Bank and the IMF are expected to be involved.
And at a meeting of hundreds of business leaders in Chicago, UN Secretary-General Ban Ki-moon urged them to support a new era of green economics. He cited a UN report that estimated global investments in green energy will reach $1.9 trillion by 2020.