India has made its entry into the top 10 clean energy investment list among the G-20 countries. In 2010, India attracted $4 billion in private investments, ranking 10th among the member countries.

The G-20 members account for 90 per cent of global clean energy finance and investment. India also ranked 10th for five-year growth rates for renewable energy capacity, and seventh worldwide in the amount of installed capacity, according to ‘Who's Winning the Clean Energy Race? 2010 Edition' released by The Pew Charitable Trusts on Tuesday.

“With a target of deploying 20 gigawatts of solar generating capacity by 2020, the country is poised to further grow its share of this sector of the economy,” the report said.

Global investment

Global clean energy finance and investment expanded in 2010 to $243 billion, a 30 per cent increase from the previous year, the report said. “China far outpaced other G-20 members realising a record $54.4 billion in these investments in 2010, a 39 per cent increase,” it said. China is ranked first in the list.

Germany moved up a rank from the previous year to second position, doubling its investment to $41.2 billion. While the US witnessed a 51 per cent increase in investment to $34 billion, its leadership position eroded as it slipped to third place from second in 2009. The United Kingdom experienced the largest decline among the G-20, falling to 13th from fifth.

Italy ranked fourth, attracting $13.9 billion investment. Also, it is the first country to achieve grid parity, or cost-competitiveness, for solar energy, the report said.

The report examines the key financial, investment and technological trends related to clean energy. The data has been compiled and reviewed by Pew's research partner Bloomberg New Energy Finance.

Mr Phyllis Cuttino, Director of Pew's Clean Energy Programme, said, “Nations such as India, China and Germany, which saw an increase in investments, were attractive to financers because they have national policies that create long-term certainty for investors.”

Solar energy

According to the report, looking at the trends, the solar sector experienced the strongest growth among the various technologies, led by small-scale residential projects. Investments in small-scale, residential solar grew by 100 per cent to $56.4 billion in the G-20. Germany accounts for nearly half the total, followed by Japan, France, Italy and the US.

The installed generating capacity increased to 388 gigawatts from wind, small-hydro, biomass, solar, geothermal and marine, with China accounting for more than 25 per cent of the global total.

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