According to the UN, the year 2008 was the first year that global investment in new power generation capacity from renewable energy technologies was more than investment in fossil-fuelled technologies.

Growth in global investments on renewable energy is now greater than any other energy investment - but not for Australia - according to the Western Australian Sustainable Energy Association Inc. (WA SEA).

According to the UN, the year 2008 was the first year that global investment in new power generation capacity from renewable energy technologies was more than investment in fossil-fuelled technologies.

The UN report $155 billion was invested in 2008 in clean energy companies and projects worldwide - not including large hydro.

The growth in investment in clean energy was largely due to record investments by China, Brazil and other emerging economies.

Total transaction value in the sustainable energy sector during 2008 - including corporate acquisitions, asset re-financings and private equity buy-outs - was $223 billion.

'All Australia needs now is legislative support on a renewable energy target to provide certainty to investors, and ensure the rapid growth of energy sources for the 21st Century,' says Dr Ray Wills, WA SEA Chief Executive.

Dr Wills points out 'Other nations are moving aggressively to develop their lesser renewable energy resources while Australia is lagging behind with the world's best resources.'

Politicians that are focused on promoting inaction on Australia's greenhouse gas emissions - and simultaneously inaction on Australia's renewable energy resources - are often heard to say 'What about China?'

Yes, China emits a lot of greenhouse gasses - but China is also vulnerable to climate change and global warming as it poses a significant threat to China. The Chinese Government takes seriously the advice its scientists are providing, are responding to that advice, and this is why China also plans to become the world's leader in renewable energy.

China is investing massive amounts of money into wind, solar and other greenhouse friendly forms of electricity to power development into the future. China had originally set a target for renewable energy consumption of 15 percent of the market by 2020 has now revised its own targe up to 20%.

'It is time for the Australian parliament to finish work on legislation and to stand back as this nation builds a new economy for Australia based on sustainable energy before the developing economies leave us behind,' says Dr Wills.

WA Sustainable Energy Association Inc. (WA SEA) Media Release - 19 June 2009

Media Contact:
Dr Ray Wills 0430 365 607

Editors notes:
1. Story on the report, Global Trends in Sustainable Energy, drawn up for the UN by the New Energy Finance (NEF) consultancy http://www.guardian.co.uk/environment/2009/jun/03/renewables-energy
2. China renewable energy stories http://news.google.com.au/news?pz=1&ned=au&hl=en&q=chinese+renewable+energy+growth
3. The Western Australian Sustainable Energy Association Inc. (WA SEA) is a chamber of businesses boasting a growing membership of 250 industry members from a diversity of businesses, and now the largest state-based industry body of its kind in Australia. www.wasea.com.au.