Developing nations surge ahead in green spending

Developing nations across the world appear to be taking environmental health issues seriously, as spending on renewable energy sources soared in 2010.

New statistics released by the United Nations Environment Programme (UNEP) have shown that global green energy investments grew by 32 per cent last year.

In total, around $211 billion (£132 billion) was pumped into the sector throughout the 12-month period.

It was developing countries that posted some of the biggest improvements, as the Middle East and Africa region saw its spending shoot up by 104 per cent.

Emerging states in Asia - which does not include India and China - witnessed a 31 per cent rise in investment.

UNEP conducted the study on behalf of Bloomberg New Energy Finance and executive director Achim Steiner said the introduction of air quality targets and environmental legislation are factors behind the rise.

A vote among MEPs last week resulted in EU CO2 emission reduction targets being kept at 20 per cent by 2020, rather than being changed to the more ambitious 30 per cent goal that had been mooted.

Posted by Joseph Hutton