Business

Report: US green technology investments fell 54 percent since January

Daily Caller News Foundation logo
Michael Bastasch Energy Editor

Investments in green technologies worldwide have fallen significantly as countries cut back generous subsidy programs, according to new data. The United States has seen a 54 percent drop in investments in green technologies.

Bloomberg Energy Finance reported that clean energy investment fell 22 percent to $40.6 billion during the first three months of this year — down from $52 billion during the same period last year and lower than any quarter since 2009.

“The last 18 months have seen a number of significant support programs launched in the aftermath of the financial crisis come to an end,” said Michael Liebreich, CEO of Bloomberg Energy Finance.

U.S. investments in “in renewables, energy efficiency and energy- smart technologies fell 54 percent in the U.S. to $4.5 billion” reports Bloomberg. Chinese investments for renewables fell 15 percent to $8.8 billion and Europe investments fell 25 percent to $13.4 billion — green investments in Spain alone fell 96 percent from last year.

The 2009 stimulus bill significantly increased government funding for renewable energy projects, dedicating $90 billion for green energy. The Institute for Energy Research reports that federal spending on renewable energy programs totaled $15 billion in 2010, up from an average of $4 billion per years between 2002 and 2008.

The U.S. green energy industry has gone through a number of high-profile bankruptcies. The solar company Solyndra filed for bankruptcy in August 2011 after receiving a $535 million loan guarantee. Abound Solar received a $400 million loan guarantee, then declared bankruptcy after using $70 million of the loan. A Daily Caller News Foundation investigation later revealed that Abound was selling underperforming solar panels.

More recently, it has been reported that the electric automaker Fisker Automotive may be circling the drain. The company hired a law firm advise it on a possible bankruptcy filing. Fisker also hired a crisis management PR firm.

Despite the industry’s troubles, the president’s budget plan increases funding for the Energy Department by 8 percent increase from 2012 — to $28.4 billion in discretionary funds — to help the administration meet its green energy goals, improve energy security, address the issue of climate change and modernize the U.S. nuclear weapons systems.

Follow Michael on Twitter

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.