WASHINGTON—Canada is above average when it comes to clean tech investments, according to a new report by the Pew Charitable Trusts.
The U.S.-based research firm looked at global investments in clean energy among the G20 nations.
Last year there was a record total of $243 billion invested. Globally, wind power continued to be the preferred technology for investors at $95 billion, although the solar sector saw investment grow 53 percent to a new high of $79 billion.
China drew the most investment with $54.4 billion, followed by Germany with $41.2 billion. For the first time, India joined the top 10 ranking, attracting $4 billion.
Canada recorded $5.6 billion and placed seventh, just behind Brazil and slightly ahead of France.
Phyllis Cuttino, director of the Pew’s Clean Energy Program, says countries with clear energy policies draw more investment.
“China, Germany and India were attractive to financers because they have national policies that support renewable energy standards, carbon reduction targets and incentives for investment and production and that create long-term certainty for investors,” she said.
She noted that the clean energy sector is emerging as one of the most competitive in the world, witnessing 630 per cent growth in finance and investments since 2004.