International plans to combat global warming by switching to low-carbon energy technology have been handicapped by the world financial crisis, according to new figures seen by The Sunday Times.
The data will be worrying for world leaders who tomorrow begin nearly two weeks of talks in Copenhagen to hammer out a new global agreement to cut carbon emissions.
According to New Energy Finance (NEF), the research firm, funding for clean energy schemes this year will fall to $125 billion (£75 billion), down nearly a fifth from last year. The drop ends seven years of growth in which global low-carbon funding soared from $22 billion in 2002 to $155 billion last year. The decrease would have been even greater had the world’s governments not stepped in to support the sector with billions in economic stimulus cash.
Crunch time for clean energy - Times Online