FACT

BOOK
2010
Introduction
This factbook presents data on 2009 clean energy finance and investment in the G-20 nations. Public
and private investment in research and development (totaling some $20 billion in 2009) are not included
in the G-20 investment presentations. No data are presented for G-20 members Russia and Saudi Arabia
because clean energy investment in these countries was negligible. Spain, a member of the EU, but not an
individual member of the G-20 is presented independently in this report in view of the size and relevance
of its clean energy sector.

Exhibit 1 relates the stages of technology/product development with the type of investments typically
used to finance progress:

Exhibit 1. The CLEAN Energy Financing Continuum

Technology Technology Manufacturing Roll-Out

Research Development Scale-Up (Asset Finance) Key:
Process
Funding

Government

Venture Capital

Private Equity

Public Equity Markets

Mergers and Acquistions

Credit (Debt) Markets

Carbon Finance

Key Definitions
Bloomberg New Energy Finance tracks thousands of transactions across the spectrum of clean energy
finance, from the research and development (R&D) funding and venture capital invested in technology
and early-stage companies, to the public market and asset financing used to finance business growth and
clean energy deployment. The key investment categories are:

Venture Capital/Private Equity (VC/PE): This category includes all money invested by venture capital
funds in the equity of companies developing renewable energy technology. In general, venture capital is
invested at the innovation stage, when companies are proving the market potential of goods and services.

Public Markets: This category includes all money invested in the equity of publicly quoted companies
developing renewable energy technology and clean power generation. Public market finance is typically
associated with the scale-up phase, when companies are raising capital in public stock markets to finance
product manufacturing and roll-out. Investment in companies setting up generating capacity is included
in the asset financing category.

Asset Financing: This category includes all money invested in renewable energy generation projects,
whether from internal company balance sheets, from debt finance or from equity finance; the category
excludes refinancing and short-term construction loans. Asset financing typically is associated with
installation of clean energy equipment and/or generating capacity.

2 Bloomberg New Energy Finance Fact Book | 2010

2009 Clean Energy
Investment Highlights
Clean Energy Economy Weathers the G-20 Countries Dominate the Clean Energy
Global Financial Crisis: Recovering from a Economy, Compete for Leadership: The
sharp dip in the first quarter, 2009 worldwide G-20 countries account for more than 90 percent
clean energy investments reached an impressive of all clean energy finance and investment.
$162 billion, down 6.6 percent compared with Countries with strong policy frameworks (e.g.,
2008. The clean energy sector fared better China, Germany, Spain and Brazil) have the most
than the oil and gas industry, which experienced robust clean energy sectors relative to the size
investment declines of 19 percent according to of their economies, while those with weaker
the International Energy Agency’s (IEA) 2009 policy frameworks (e.g., the United States, Japan,
World Energy Outlook. Australia and South Africa) lag behind their G-20
partners.
Five-Year Surge in Clean Energy Investment:
Clean energy investments have increased 300 • China led G-20 clean energy investments
percent globally since 2004 (Exhibit 2). In the in 2009 ($34.5 billion) for the first time ever.
past two years, an average of $32 billion was Having built a strong manufacturing base and
invested each quarter in the sector. Installed export markets, China is working now to meet
renewable energy capacity in 2009 increased to domestic demand by installing substantial
250 gigawatts (GW), 6 percent of the worldwide new clean energy generating capacity to meet
total. ambitious renewable energy targets.

Asian Investment Soars in 2009: Clean • The United States’ clean energy investments
energy investment in Asia increased 29 percent in 2009 were $18.6 billion, down almost 40
in 2009 to $41.4 billion. Strong demand for wind percent from 2008 levels. The United States
power in China and the ready availability of credit lost the top spot among the G-20 for the first
in Asian markets drove growth in the region. By time in the past five years. Further declines were
contrast, investment declined 30 percent and 13 avoided as long-term extension of production
percent, respectively, in the Americas and Europe and investment tax credits, and initial funding
as economies slowed, energy demand sagged from the stimulus bill spurred U.S. financing.
and credit markets tightened. Investors continue to look to Congress for
passage of climate/energy legislation that will
2009 Venture Capital Investments Dropped provide long-term certainty for investment.
Nearly 50 Percent: Venture capital investments
fell 42 percent to $6.8 billion. The United States • Germany, Spain, Brazil and the United
remains the dominant player in this asset class, Kingdom remained clean energy leaders in
accounting for 60 percent of all venture capital/ 2009.
private equity financing.

Countries Prioritize Clean Energy in

Recovery Strategies: Global stimulus plans
target $184 billion to clean energy, led by the
United States ($67 billion) and China ($47
billion). Less than 10 percent of these funds
reached the sector in 2009. In 2010, 30 percent
of clean energy stimulus funding is expected t0
reach the sector.

3 Bloomberg New Energy Finance Fact Book | 2010

Global and G-20 Clean Energy
Investment, 2004 to 2009
Exhibit 2. Financial Investment in Clean Energy: Global Trends by Quarter
($ in billions)

Non-G20 Countries
G20 Countries

43.6

38.3 38.0
35.1 35.4

29.2 31.4
28.4 29.6
27.0
24.2 24.3
20.8 20.0
16.9

12.6 13.3

8.3 9.1 9.2

5.1 5.7
3.2 3.7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09

Global clean energy investments totaled $162 billion in 2009 and have increased steadily since 2004,
led by the G-20 countries (Exhibit 2).

• The worldwide financial crisis, tightened credit and reduced energy demand curtailed 2009 finance and
investment in the clean energy sector by 6.6 percent.

• Following a sharp contraction in the fourth quarter of 2008 and the first quarter of 2009, the sector
rebounded, demonstrating its overall resilience and long-term promise.

• Between 2004 and 2009, annual clean energy investment increased 300 percent globally.

• The G-20 countries account for more than 90 percent of worldwide finance and investment in clean
energy.

• 80 percent of clean energy investments were in physical assets—solar, wind, and biofuel projects that
generate power, heat and fuel—demonstrating that current technologies are market ready and being
deployed around the world.

4 Bloomberg New Energy Finance Fact Book | 2010

G-20 2009 Clean Energy Investment:

Overview
Key observations in 2009 include:

• China took the lead among the G-20 nations

for the first time. China’s 2009 financing totaled
$34.5 billion (Exhibit 3). Ambitious, mandatory
targets for wind and solar power and the ample Exhibit 3. G-20 Investment by Financing
availability of credit in China have been the Type, 2009 ($ in billions)
primary engines of that nation’s clean energy China 34.5
growth. United States 18.6
United Kingdom 11.2
Rest of EU-27 10.8
Spain 10.4
• The United States, second in the G-20, closed Brazil 7.4
2009 with total investments of $18.6 billion. The Germany 4.3
Canada 3.3
economic recession and investor uncertainty Italy 2.6
about tax incentives early in the year slowed India
Mexico
2.3
2.1
investments, which were down almost 40 France 1.8
Turkey 1.6
percent from 2008 levels. Australia 1.0
Asset finance

Japan 0.8 Public markets

Indonesia 0.4
• The United States continues to dominate the South Africa 0.1
VC/PE

Argentina
venture capital/private equity investments 0.1

associated with technology innovation.

• Large offshore wind deals backed by the

government put the United Kingdom in third Exhibit 4. G-20 Investment by Sector,
place among the G-20 (Exhibit 4). The United 2009 ($ in billions)
Kingdom also was at the forefront of marine China 34.5
energy investments. United States 18.6
United Kingdom 11.2
Rest of EU-27 10.8
• Within the EU, Spain remains a clean energy Spain 10.4
Brazil 7.4
leader, with 2009 investments of more than $10 Germany 4.3
billion, much of it for solar energy. Canada
Italy
3.3
2.6
India 2.3 Wind
Mexico 2.1
• Brazil, which is poised for significant growth in France 1.8
Solar

wind energy investments, stands out as a G-20 Turkey 1.6 Other renewables
Australia 1.0
leader and is a top clean energy investment Japan 0.8
Biofuels

destination. Indonesia 0.4 Efficiency & low carbon

tech/services
South Africa 0.1
Argentina 0.1

• Germany remains a clean energy stalwart in

terms of manufacturing and installed capacity.

5 Bloomberg New Energy Finance Fact Book | 2010

G-20 2009 Clean Energy Investment:

Asset Financing
Key observations in 2009 include:

• Due to the financial crisis, asset financing in

2009 was down 6 percent from 2008.

• Still, $94.9.4 billion, almost 80 percent of all

Exhibit 5. Asset Finance by Sector,
clean energy financing, was invested in physical
2004-2009($ in billions)
assets that generate energy (e.g., power, heat,
fuels), with on-shore wind being the dominant Wind
Other renewables
101.4
94.9
sector due to its relative maturity and scalability Solar
83.4
(Exhibit 5). Biofuels

• Asset financing in clean energy has increased 55.5

six-fold from 2004 levels and has helped

increase total installed renewable energy 29.1

capacity to 250 gigawatts worldwide. 13.8

• China led the way in asset financing with

2004 2005 2006 2007 2008 2009
investments of $29.8 billion, 86 percent of its
total clean energy financing (Exhibit 6).

• The United States took second place with

$11.2 billion while the United Kingdom ranked Exhibit 6. G-20 Asset Finance by Sector,
third with $10.7 billion, much of it focused on 2009 ($ in billions)
offshore wind assets. China 29.8
United States 11.2
United Kingdom 10.7
• Spain, an EU member closed followed with Spain 10.4
Rest of EU-27 9.1
$10.4 billion in asset financing. Brazil 6.7
Germany 3.7
Italy 2.6
Canada 2.1
Mexico 2.1
France 1.7 Wind
Turkey 1.6
India 1.6 Solar
Australia 0.9
Indonesia 0.4 Other renewables
Japan 0.2
South Africa 0.1 Biofuels
Argentina 0.1

6 Bloomberg New Energy Finance Fact Book | 2010

G-20 2009 Clean Energy Investment:

Public Market Financing

Key observations on the 2008-2009 downturn in
public market finance include:

• G-20 public offerings have declined by 45

percent during the past two years, with many
companies cancelling their initial public offerings Exhibit 7. Public Market Investment by
(IPOs) due to poor market conditions. Sector, 2004-2009 ($ in billions)
Solar
• Total public fund raising of $12.1 billion in 2009 Wind
22.2

constituted less than 10 percent of G-20 clean Efficiency & low carbon
energy investment (Exhibit 7). tech/services
Biofuels

Other renewables 13.7

• Investor demand, which had inflated clean 11.2

12.1

energy company valuations significantly,

collapsed during the financial crisis, driving stock
4.9
prices lower and dramatically slowing market
investment in the sector. 0.9

2004 2005 2006 2007 2008 2009

• Established companies are now raising capital
to strengthen their balance sheets, rather than
to fund growth plans.
Exhibit 8. G-20 Public Market Investment
• Nonetheless, European wind and solar companies by Sector, 2009 ($ in billions)
are financing expansion of their manufacturing
China 4.6
capacity and project portfolios.
United States 3.6
Rest of EU-27 1.1
• Strong IPO activity occurred in China in 2009 to Canada 1.0

finance growth in manufacturing capacity. India 0.7

Japan 0.6
Germany 0.4 Wind
United Kingdom 0.1
Solar
Australia 0.1
Efficiency & low carbon
Brazil ~0 tech/services
France ~0 Other renewables
Italy ~0 Biofuels
Spain ~0

7 Bloomberg New Energy Finance Fact Book | 2010

G-20 2009 Clean Energy Investment:

Venture Capital/ Private

Equity Financing
Key observations in 2009 include:

• Reflecting the overall market downturn, this

class of clean energy finance was down 43
percent to $6.4 billion in 2009. Exhibit 9. G-20 Venture Capital/Private
Equity Financing by Sector, 2004-2009
• The United States remains the clear leader ($ in billions)
in venture capital investments, reflecting its 11.3
Solar
strong foundation of technology innovation and
Efficiency & low carbon
enduring leadership in venture capital investing tech/services
Biofuels
(Exhibit 10). Wind
7.1
Other renewables
6.4
• The EU combined comes in a distant second, 5.1
while venture capital investments in developing
countries such as China and India are
2.3
negligible. 1.4

• There was a significant influx of venture capital 2004 2005 2006 2007 2008 2009
money into next generation biofuels such as
cellulosic and algae fuels.

• New solar and energy efficiency/smart grid Exhibit 10. G-20 Venture Capital/Private
technologies also saw substantial venture Equity Financing, 2009
capital investments. United States 3.9

Brazil 0.7

• In response to the financial crisis, venture Rest of EU-27 0.6

capitalists have retreated from new companies United Kingdom 0.5

and concentrated instead on well-established Canada 0.2

Efficiency & low carbon
entities. Germany 0.2
tech/services
China 0.2 Solar

France 0.1 Wind

India 0.1
Biofuels
Australia ~0
Other renewables
Italy ~0

Spain ~0

8 Bloomberg New Energy Finance Fact Book | 2010

Clean Energy in the G-20:

Installed Renewable
Energy Capacity
Key highlights include:

• The total global renewable energy capacity of

250 gigawatts constitutes about 6 percent of
worldwide power generation capacity. Exhibit 11. G20–Installed Renewable
Energy Capacity (Wind, Small Hydro,
• The United States leads the world in installed Biomass – gigawatts)
wind, biomass (Exhibit 11) and geothermal China 52.2
United States 49.7
power capacity (Exhibit 12) but is very close to Germany 30.9
Spain 20.2
losing its overall lead in overall installed capacity India 16.2
as China surges forward. Rest of EU-27
Japan
11.6
10.1
France 9.0
Brazil 8.9
• Germany is the undisputed leader in the solar Italy 8.6
Canada 7.5
sector with a total installed capacity of 5.3 United Kingdom 7.3
Australia 3.2
gigawatts (Exhibit 12). Russia 2.7
Wind
Mexico 1.7
Turkey 0.6 Small Hydro
• Japan and Spain, with 1.7 and 3.6 gigawatts, Argentina 0.5
Biomass & Waste
South Korea 0.5
respectively, are the next leading countries for South Africa 0.4
Indonesia ~0
installed solar power capacity.

• China doubled its wind capacity in 2009 in

pursuit of its ambitious target of installing 30 Exhibit 12. G20–Installed Renewable
gigawatts of wind by 2020. Energy Capacity (Solar, Geothermal,
Marine - gigawatts)
• China also leads the G-20 in small hydro capacity Germany 5.3
United States 3.7
and is moving aggressively in Japan 2.7
Spain 2.1
Mexico 1.5
Italy 1.1
Indonesia 1.0
Rest of EU-27 0.7
France 0.5
South Africa 0.3
China 0.3
India 0.3
South Korea 0.2 Solar
United Kingdom 0.2
Geothermal
Brazil 0.1
Russia 0.1 Marine
Canada 0.1
Australia 0.1
Turkey 0.1
Argentina ~0

9 Bloomberg New Energy Finance Fact Book | 2010

G-20 Stimulus Funding for
Clean Energy
Exhibit 13. Stimulus Funding ($ in billions)

Total 184.1
US 66.6
China 46.9
S Korea 27.8
EU27 12.7
Japan 8.6
Germany 4.2
Australia 4.1
UK 3.7
Spain 3.6
France 2.7
Brazil 2.5
Canada 1.0

As Exhibit 13 shows, an estimated $184 billion has been earmarked for clean energy by the various
government stimulus packages, but by the end of 2009 only 9 percent ($16.6 billion) had reached the
sector:

• Most stimulus money has been allocated in the United States and China; most money has been spent
by South Korea (20 percent) and the United States (12 percent).

• Two-thirds of financial recovery funding is projected to be spent during 2010 and 2011. According to
industry estimates—the largest chunk of spending is scheduled for 2011, when 35 percent of the total
funding should be spent.

• As the global economy exits recession, governments are reconsidering spending plans and tightening
national budgets. Japan and Spain, for example, may cut planned clean energy expenditures.

• The United States has allocated stimulus funding for energy efficiency, renewable energy deployment,
transportation and smart grid technology.

• China intends to spend $46.8 billion on energy efficiency, clean vehicles, grid infrastructure and other
clean energy technology. It has announced the ‘Golden Sun’ initiative, which aims to grant up to 50
percent of installation cost of photovoltaic power plants in China.

• The Korean government intends to hike its share of the overseas green market by allocating stimulus
funding to boost exports of LED lighting products, solar cells, hybrid cars and other low-carbon
technology products.

10 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

Argentina

Argentina has a small clean energy Finance and Investment (2009)

economy and 2009 investments totaled
only $80 million, ranking 17th among the Total Investment $80 million
G-20. Renewable energy accounts for
G-20 Investment Rank 17
less than 2 percent of Argentina’s power
capacity. The country’s policy framework Percentage of G-20 Total 0.1%
is aimed primarily at displacing oil through
development of biofuels, which attracted 80 5-Year Growth Rate NA
percent of 2009 clean energy investment.
Argentina’s 2016 renewable energy target
(8 percent of power generation) will require Installed Clean Energy (2009)
a four-fold increase in installed clean power Total Installed Renewable Energy 0.5 GW
capacity. Total Power Capacity 1.9%

Percentage of G-20 Total 0.2%

5-Year Growth Rate 0.1%

Key Renewable Energy Sectors

Wind 500 MW

Small-Hydro 436 MW

Key Clean Energy Targets (2012)

Renewable 8% of total power generation
Energy (by 2016)

Ethanol 5% of total gasoline consumption

Clean Energy Policies

Bio-diesel 5% of total diesel consumption
Carbon Cap  
Carbon Market

Renewable Energy Standard   Key Investment Incentives

Clean Energy Tax Incentives   Wind, Solar, Biomass, Production Tax Credits
Small-Hydro (PTC)
Auto Efficiency Standards     

Feed-in Tariffs Tax exemption for produc-

  Biofuel ers and guaranteed fixed
Government Procurement prices set by Government

11 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

AUSTRALIA
Australia’s clean energy sector recovered
Finance and Investment(2009)
from a 50 percent drop in 2008 with clean
energy investments of $1 billion in 2009, Total Investment $1 billion
putting it 13th among the G-20. Australia
G-20 Investment Rank 13
has significant installed wind capacity
and intends for wind to play a key role in Percentage of G-20 Total 0.9%
achievement of the nation’s 20 percent
renewable energy target for 2020. To 5-Year Growth Rate 62.5%
achieve this goal, substantially increased
finance and investment will be needed in
during the next decade. Installed Clean Energy (2009)
Total Renewable Energy Capacity 3.3 GW

Total Power Capacity 3.1%

Percentage of G-20 Total 1.2%

5-Year Growth Rate 40%

Key Renewable Energy Sectors

Wind 1,900 MW

Biomass 280 MW

Key Clean Energy Targets (2020)

20% of total
Renewable Energy
Clean Energy Policies consumption

Carbon Cap
Solar 1,000 MW
Carbon Market

Renewable Energy Standard  

Clean Energy Tax Incentives   Key Investment Incentives

Auto Efficiency Standards  
Solar Generation based subsidies
Feed-in Tariffs  
Equity fund—venture capital for
Government Procurement Renewable
small renewable energy
Energy
Green Bonds companies

12 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

BRAZIL
At 5th place in the G-20, Brazil is second only
to China among emerging economies when Finance and Investment(2009)
it comes to 2009 clean energy investments. Total Investment $7.4 billion
While investments were down sharply in the
2009 financial downturn, Brazil has had the G-20 Investment Rank 5
third fastest investment growth rate during Percentage of G-20 Total 6.5%
the past five-year period. With 9 gigawatts of
renewable energy capacity and the world’s 5-Year Growth Rate 147.8%
leading ethanol infrastructure, relative to
the size of its economy, Brazil stands out
as a clear clean energy leader. Brazil has Installed Clean Energy (2009)
among the world’s highest biomass and Total Renewable Energy Capacity 9.1 GW
mini-hydro power capacities. Priority loans
for renewable power projects and ambitious Total Power Capacity 9.8%
targets for ethanol fuel make it an excellent Percentage of G-20 Total 3.2%
destination for clean energy investments.
5-Year Growth Rate 13.9%

Key Renewable Energy Sectors

Ethanol ( liters) 30 billion

Biomass 5,100 MW

Small-Hydro 4,100 MW

Key Clean Energy Targets (2012)

Wind 1422 MW
Clean Energy Policies
25% of total gasoline consump-
Carbon Cap Ethanol
tion
Carbon Market
Renewable Energy Standard Bio-diesel 5% of total diesel consumption
 
Clean Energy Tax Incentives  
Auto Efficiency Standards   Key Investment Incentives
Feed-in Tariffs   Wind Generation based subsidies/
Preferential BNDES loans
Government Procurement
Small-Hydro Generation based subsidies/
Green Bonds   Preferential BNDES loans

13 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

CANADA

Canada saw $3.3 billion invested in its clean Finance and Investment (2009)
energy sector in 2009, a 40 percent annual
Total Investment $3.3 billion
increase and 3 percent of the G-20 total,
7th place overall. Canada has 7.6 gigawatts G-20 Investment Rank 7
of renewable energy. Canada provides
policy incentives primarily at the provincial Percentage of G-20 Total 2.9%
level. Wind and mini-hydro are the leading 5-Year Growth Rate 70.2%
sectors and benefit from strong support
from provincial governments.

Installed Clean Energy (2009)

Total Renewable Energy
7.6 GW
Capacity

Total Power Capacity 4.3%

Percentage of G-20 Total 2.7%

5-Year Growth Rate 18.1%

Key Renewable Energy Sector

Wind 3,056 MW

Small-Hydro 2,000 MW

Clean Energy Policies* Key Clean Energy Targets (2020)

Wind (Quebec) 4,700 MW
Carbon Cap
Solar 500 MW
Carbon Market
Renewable Energy Standard  
Clean Energy Tax Incentives   Key Investment Incentives*
Auto Efficiency Standards   Generation
based subsidies
Feed-in Tariffs Wind, Solar, Biomass
  / Preferential
loans
Government Procurement
*Incentives primarily through provincial
Green Bonds governments

14 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

CHINA

For the first time ever, in 2009 China took Finance and Investment (2009)
1st place in G-20 clean energy investments. Total Investment $34.6 billion
With 52.5 gigawatts of renewable energy,
G-20 Investment Rank 1
China is second in the world for installed
capacity, just behind the United States. Percentage of G-20 Total 30.5%
China has 12.2 gigawatts of wind, supported 5-Year Growth Rate 144.3%
by a fixed-rate feed in tariff. It also has some
of the world’s most ambitious renewable Installed Clean Energy (2009)
targets, calling for 30 gigawatts each from
Total Renewable Energy
wind and biomass energy by 2010. China Capacity
52.5 GW
has built a strong manufacturing base,
particularly in solar, and is moving to meet Total Power Capacity 4%
growing domestic energy consumption
Percentage of G-20 Total 16.5%
through rapid installation of clean energy
power generation capacity. 5-Year Growth Rate 78.9%

Key Renewable Energy Sectors

Wind 12,200 MW

Biomass 2,880 MW

Solar PV 140 MW

Key Clean Energy Targets (2020)

Wind 30,000 MW

Clean Energy Policies Biomass 30,000 MW

Carbon Cap
Solar 1,800 MW
Carbon Market
Renewable Energy Standard
Key Investment Incentives
Clean Energy Tax Incentives   Wind Fixed feed-in tariff
Auto Efficiency Standards Renewable energy
Renewable Energy surcharge and subsidy
Feed-in Tariffs scheme
Government Procurement Rooftop and building
Solar integrated photovoltaic
Green Bonds   tax subsidies

15 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

FRANCE

France’s 2009 clean energy investments of Finance and Investment (2009)

$1.8 billion place it 11th among the G-20
Total Investment $1.8 billion
members. France has a strong utility policy
framework, providing feed-in-tariffs for G-20 Investment Rank 11
most forms of renewable power. It intends
to secure 10 percent of overall energy from Percentage of G-20 Total 1.6%
renewable sources by year’s end, up from 8 5-Year Growth Rate 97.9%
percent at the end of 2008. Low electricity
prices due to nuclear power also provide
potential for funding renewable power
Installed Clean Energy (2009)
subsidy programs through consumers in the
long run. Total Renewable Energy Capacity 9.4 GW

Total Power Capacity 8.1%

Percentage of G-20 Total 3.5%

5-Year Growth Rate 31.3%

Key Renewable Energy Sectors

Wind 3,400 MW

Biomass 467 MW

Solar PV 346 MW

Key Clean Energy Targets

10% of total energy con-
Renewable Energy
Clean Energy Policies sumption by 2010

Carbon Cap 10% of total fuel

Biofuels
consumption by 2015
Carbon Market   
38% decrease in energy
Efficiency
Renewable Energy Standard    consumption by 2020

Clean Energy Tax Incentives   

Auto Efficiency Standards Key Investment Incentives
Feed-in Tariffs Wind, Solar, Biogas Feed-in tariffs
Tax credit for RE
Government Procurement
RE Equipment equipment used for
Green Bonds residential power

16 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

GERMANY

Germany’s 2009 clean energy investments Finance and Investment (2009)

of $4.3 billion rank it 6th in the G-20.
Total Investment $4.3 billion
Nonetheless, Germany is a global leader
G-20 Investment Rank 6
in the clean energy economy, with installed
renewable energy at 29 percent of total Percentage of G-20 Total 3.7%
power capacity, including 7.8 gigawatts 5-Year Growth Rate 75.3%
of solar and 23.9 gigawatts of wind.
Germany’s investment rose more than 17
Installed Clean Energy (2009)
percent in 2009, and it has achieved a 75
percent growth rate during the past five Total Renewable Energy
36.2 GW
Capacity
years. Excellent government supports with
generous feed-in-tariffs have been key Total Power Capacity 29%
factors in development of the sector.
Percentage of G-20 Total 14.6%

5-Year Growth Rate 14.4%

Key Renewable Energy Sectors

Wind 23,900 MW

Solar 7,757 MW

Biomass 3,631 MW

Key Clean Energy Targets (2030)

Procure 14% of heating resource
RE Heat
from renewable energy
Clean Energy Policies
Carbon Cap Procure 25% to 30% of electric-
RE Electricity ity resource from renewable
Carbon Market   energy

Renewable Energy Standard   

Clean Energy Tax Incentives    Key Investment Incentives

Wind, Solar, Biomass Feed-in tariffs
Auto Efficiency Standards   
Favorable credit terms
Feed-in Tariffs    Renewable Energy with interest rates fixed
in the 4% to7% range.
Government Procurement   
Commercial installations
Solar PV
Green Bonds exempt from VAT

17 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

INDIA

India is ranked 8th among G-20 members Finance and Investment (2009)
and constitutes 2.0 percent of total G-20
Total Investment $2.3 billion
investment. With 11 gigawatts, it is one of
G-20 Investment Rank 9
the leading nations for wind power backed
by strong provincial feed-in-tariff policies. Percentage of G-20 Total 2%
India also has close to 5 gigawatts of 5-Year Growth Rate 72%
biomass and mini-hydro power backed
by accelerated depreciation mechanisms.
Renewable energy projects are provided a Installed Clean Energy (2009)
preferential tax rate of 15 percent compared
Total Renewable Energy Capacity 16.5 GW
with the standard rate of 30 percent. India
recently announced its intention to acquire a Total Power Capacity 9%
massive 20 gigawatts of solar by 2020. Percentage of G-20 Total 6.6%

5-Year Growth Rate 31%

Key Renewable Energy Sectors

Wind 10,891 MW

Small-hydro 2,520 MW

Biomass 2,057 MW

Key Clean Enegy Targets (2012)

Wind 17,582 MW
Small-hydro 3,358 MW
Biomass 2,840 MW
Clean Energy Policies
Carbon Cap
Carbon Market Key Investment Incentives*
Renewable Energy Standard   Wind, Solar Feed-in tariffs

Clean Energy Tax Incentives Accelerated

 
Small-hydro, Biomass depreciation of 80%
Auto Efficiency Standards in year one
Preferential tax rate
Feed-in Tariffs    Renewable Energy Projects of 15% instead of
the standard 30%.
Government Procurement   
*Incentives primarily thorugh provincial vernments
Green Bonds  

18 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

INDONESIA

At $400 million in 2009, Indonesia is ranked Finance and Investment (2009)

15th for G-20 clean energy investments. It is
Total Investment $400 million
a popular destination for geothermal power,
with an existing capacity of 880 megawatts G-20 Investment Rank 15
and a target of acquiring a fully 5 gigawatts Percentage of G-20 Total 0.3%
by 2025. At a macro level, Indonesia intends
to secure 15 percent of all its electricity 5-Year Growth Rate 94.5%

from renewable sources by 2025. However,

questions about the stability of the political Installed Clean Energy (2009)
and regulatory environment in Indonesia Total Renewable Energy
1.1 GW
may affect the flow of investments into Capacity
clean energy assets.
Total Power Capacity 4.2%

Percentage of G-20 Total 0.4%

5-Year Growth Rate 7.9%

Key Renewable Energy Sectors

Geothermal 880 MW

Biomass 400 MW

Key Clean Energy Targets (2025)

Geothermal 5,000 MW
Solar 500 MW
Clean Energy Policies
15% of all
Carbon Cap electricity to be
Renewable Energy Power
Carbon Market sourced from
clean energy
Renewable Energy Standard

Clean Energy Tax Incentives Key Clean Energy Incentives

Auto Efficiency Standards Preferential tariffs,
Geothermal
no import duties
Feed-in Tariffs
Guaranteed pur-
Government Procurement chase of renewable
Renewable Energy Power
power by state
Green Bonds utilities

19 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

ITALY

Clean energy investment in Italy constitutes Finance and Investment (2009)

2.3 percent of the G-20 total, ranking it Total Investment $2.6 billion
8th. Italy has high electricity prices and it is
the first country in which solar power has G-20 Investment Rank 8
achieved parity with other electric sources.
Italy’s clean energy investments have grown Percentage of G-20 Total 2.3%
110 percent during the past five years.
Under EU policy, it has a target to generate 5-Year Growth Rate 110.6%
at least 25 percent of its electricity from
renewables. It offers feed-in tariffs for solar
and wind while it subsidizes 30 percent of Installed Clean Energy (2009)
the capital expenditure cost of biomass Total Renewable Energy Capacity 9.8 GW
power.
Total Power Capacity 4.9%

Percentage of G-20 Total 4%

5-Year Growth Rate 12.4%

Key Renewable Energy Sectors

Wind 3,700 MW

Solar 1,042 MW

Biomass 1,152 MW

Key Clean Energy Targets (2010)

Clean Energy Policies
Procure 25% of electricity from
Carbon Cap RE Electricity
renewable energy
Carbon Market   Biofuels 5.75% of total fuel consumption

Renewable Energy Standard  

Clean Energy Tax Incentives   Key Investment Incentives

Wind, Solar, Biomass Feed-in tariffs
Auto Efficiency Standards  
30% of capital expen-
Feed-in Tariffs   Biomass diture for biomass and
hybrid units
Government Procurement  
30-60% refund on capi-
Residential RE projects
Green Bonds tal costs of projects

20 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

JAPAN

Clean energy investment in Japan totaled Finance and Investment (2009)

less than $1 billion in 2009, placing it in
Total Investment $800 million
14th position. Although its investments
seem insignificant at present, Japan is a G-20 Investment Rank 14
leader in solar capacity, with 1.7 gigawatts
backed by backed by feed-in tariffs. Percentage of G-20 Total 0.7%
Japan has ambitious targets to source 28 5-Year Growth Rate 51.1%
gigawatts from solar and 5 gigawatts from
wind by 2020, active pursuit of which would
make it one of the G-20’s most promising Installed Clean Energy (2009)
growth markets.
Total Renewable Energy Capacity 12.9 GW

Total Power Capacity 1.3%

Percentage of G-20 Total 5.2%

5-Year Growth Rate 4.2%

Key Renewable Energy Sectors

Biomass 3,100 MW

Solar 1,700 MW

Key Clean Energy Targets (2020)

Clean Energy Policies
Wind 5,000 MW
Carbon Cap
Carbon Market Solar 28,000 MW

Renewable Energy Standard  

Clean Energy Tax Incentives   Key Investment Incentives

Auto Efficiency Standards      Residential
Solar
feed-in tariff
Feed-in Tariffs  
Energy bank:
Government Procurement Fund for energy
Energy Efficiency
efficiency and
Green Bonds   CO2

21 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

MEXICO

Mexico experienced a healthy $2.1 billion in Finance and Investment (2009)

clean energy investments in 2009, placing
Total Investment $2.1 billion
it 10th among the G-20. Existing renewable
power capacity is primarily for supply to G-20 Investment Rank 10
remote areas with an unstable grid. Mexico’s
Percentage of G-20 Total 1%
current policy framework is insufficient to
encourage substantial investments. Wind 5-Year Growth Rate 91.9%
accounts for 86 percent of Mexico’s 2009
clean energy investments. Installed Clean Energy (2009)
Total Renewable Energy Capacity 3.2 GW

Total Power Capacity 3.3%

Percentage of G-20 Total 1%

5-Year Growth Rate 10.1%

Key Renewable Energy Sectors

Geothermal 965 MW

Biomass / Biogas 498 MW

Small Hydro 377 MW

Key Clean Energy Targets (2012)

Wind 2,726 MW

Geothermal 1,036 MW

Ethanol 25% of total gasoline consumption

Clean Energy Policies
Bio-diesel 5% of total diesel consumption
Carbon Cap
Carbon Market
Renewable Energy Standard Key Investment Incentives
Wind Generation based subsidies
Clean Energy Tax Incentives  
Geothermal Generation based subsidies
Auto Efficiency Standards  
Biomass Generation based subsidies
Feed-in Tariffs   50-70% discount on power
Renewable transmission through renewable
Government Procurement
Energy energy plants with capacity of
Green Bonds 500KW.

22 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

SPAIN

Spain, although not an individual country

Finance and Investment (2009)
member, is associated with the G-20
through its membership in the EU. In view Total Investment $10.4 billion
of its significant clean energy investments— G-20 Investment Rank NA*
$10.4 billion in 2009—it is profiled for its
leadership. Spain’s 2009 investments were Percentage of G-20 Total 9.2%
down more than 50 percent from 2008 due 5-Year Growth Rate 79.7%
to the global financial crisis and Spain’s
budget difficulties. Wind and solar have
been the two primary areas of investment Installed Clean Energy (2009)
backed by strong national support in the
Total Renewable Energy Capacity 22.4 GW
form of feed-in tariffs. Ongoing budget
pressure jeopardizes ongoing renewable Total Power Capacity 30.1%
energy incentives
Percentage of G-20 Total NA*

5-Year Growth Rate 9.1%

Key Renewable Energy Sectors

Wind 16,740 MW

Solar 3,604 MW

Biomass 483

Key Clean Energy Targets (2011)

Clean Energy Policies 12% of total energy con-

Renewable Energy
sumption
Carbon Cap

Carbon Market Biofuels 7% of total fuel consumption

 

Renewable Energy Standard  

Clean Energy Tax Incentives   Key Investment Incentives

Auto Efficiency Standards Wind, Solar, Biomass Feed-in tariffs
Feed-in Tariffs   Preferential loans of up
Biomass Co-generation
to EUR 1.5m
Government Procurement  
Exempt from hydro-
Biofuels
Green Bonds carbon tax until 2012

23 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

SOUTH AFRICA

Clean energy investments in South Africa

Finance and Investment (2009)
remain insignificant and there is insufficient
reliable data installed capacity and it is thus Total Investment $100 million
excluded from this profile. South Africa’s
2009 investments of $100 million garner
G-20 Investment Rank 16
16th place in the G-20. South Africa has
introduced feed-in tariffs for wind, solar
and mini-hydro sectors and it targets an Percentage of G-20 Total 0.1%
installed capacity of 1667 megawatts from
renewables by 2013. The clean energy 5-Year Growth Rate NA
sector may benefit from South Africa’s
commitment to cut global warming pollution
34 percent off its current 2020 trajectory.
Key Clean Energy Targets (2012)

Renewable Energy (MW) 1,667

2% of national liquid
Biofuels
fuel supply by 2012

Key Investment Incentives

Wind, Solar, Small-Hydro Feed-in tariffs

Clean Energy Policies
Carbon Cap
Carbon Market
Renewable Energy Standard
Clean Energy Tax Incentives
Auto Efficiency Standards

Feed-in Tariffs  
Government Procurement
Green Bonds

24 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

SOUTH KOREA

Although it has clean energy ambitions,

Finance and Investment (2009)
South Korea’s meager $20 million worth
of investments in 2009 earn it 18th place Total Investment $20 million
in the G-20, just ahead of Russia and G-20 Investment Rank 18
Saudi Arabia which have only negligible Percentage of G-20 Total 0.02%
investments. South Korea currently has 660
megawatts of wind and solar, but it aims to 5-Year Growth Rate NA

add a 3 gigawatts by 2011, at which time

it plans to obtain 5 percent of all energy
Installed Clean Energy (2009)
production from renewable. In relative
terms, South Korea’s $8 billion clean energy Total Renewable Energy Capacity 0.7 GW
stimulus package is one of the G-20’s most
significant. Total Power Capacity 0.8%

Percentage of G-20 Total 0.3%

5-Year Growth Rate 249.4%

Key Renewable Energy Sectors

Solar 356 MW

Wind 304 MW

Key Clean Energy Targets (2011)

Wind 2,250 MW
Clean Energy Policies
Carbon Cap Solar 1,300 MW
Carbon Market   

Renewable Energy Standard     

Clean Energy Tax Incentives

Key Investment Incentives
    
Generation based
Auto Efficiency Standards Wind, Biomass, Small-Hydro
     subsidies

Feed-in Tariffs     
KEMCO long-term
Government Procurement RE Manufacturing loan for manufactur-
ing facilities
Green Bonds     

25 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

TURKEY

Turkey’s five-year investment growth rate is Finance and Investment (2009)

the highest in the G-20, but its clean energy
economy is small. Its’ 2009 investments of Total Investment $1.6 billion

$1.6 billion earn it 12th place in the G-20. G-20 Investment Rank 12
Wind is the leading clean energy source
in Turkey. A renewable energy law that Percentage of G-20 Total 1.4%

guarantees feed-in tariffs for renewable 5-Year Growth Rate 178.3%

power is under consideration, offering
the possibility of Turkey becoming a key
destination for clean energy investments Installed Clean Energy (2009)
in the future. Turkey also has an ambitious
target to source 25 percent of all its energy Total Renewable Energy Capacity 0.6 GW
needs from renewables by 2020.
Total Power Capacity 0.4%

Percentage of G-20 Total 0.1%

5-Year Growth Rate 29.6%

Key Renewable Energy Sectors

Small-hydro 127 MW

Wind 433 MW

Key Clean Energy Targets (2020)

Clean Energy Policies Wind 15,000 MW

Carbon Cap
25% of energy
Carbon Market Renewable Energy
consumption by 2020
Renewable Energy Standard  

Clean Energy Tax Incentives     

Key Investment Incentives
Auto Efficiency Standards
25% of generation by
Feed-in Tariffs Wind, Solar, Geothermal
     2020

Government Procurement      Equipments exempt from

Wind
Green Bonds VAT and customs duty

26 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

UNITED KINGDOM

Almost 10 percent of G-20 clean energy

Finance and Investment (2009)
investment in 2009 occurred in the United
Kingdom, earning it 3rd place. The United Total Investment $11.2 billion
Kingdom has been focused primarily on
G-20 Investment Rank 3
wind energy, with major funding directed
toward the development of offshore wind Percentage of G-20 Total 9.9%
power. Its targets include procuring 20 5-Year Growth Rate 127.4%
percent of its electricity and 10 percent of
its fuel needs from renewables by the end
of 2010. The United Kingdom’s renewable Installed Clean Energy (2009)
energy standard allows trading of permits.
Total Renewable Energy Capacity 7.5 GW

Total Power Capacity 8.4%

Percentage of G-20 Total 2.8%

5-Year Growth Rate 29.8%

Key Renewable Energy Sectors

Wind 4,000 MW

Biomass 484 MW

Key Clean Energy Targets (2010)

Procure 20% of
Renewable Energy
electricity from
Clean Energy Policies Electricity
renewable energy
Carbon Cap
10% of total fuel
Biofuels
Carbon Market consumption

Renewable Energy Standard   

Clean Energy Tax Incentives    Key Investment Incentives

Renewable energy
Auto Efficiency Standards    Renewable Energy exempt from £4.3/
Electricity MWh climate change
Feed-in Tariffs    levy
Government Procurement    Renewable energy
Renewable Energy standard, with permit
Green Bonds    trading

27 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

UNITED STATES

The United States dropped to 2nd place in

Finance and Investment (2009)
2009 G-20 clean energy investment, with
total investments of $18.6 billion, down 42 Total Investment $18.6 billion

percent from 2008 levels. Tight credit and G-20 Investment Rank 2
lack of a strong national policy framework Percentage of G-20 Total 16.4%
constrain more robust investment. Also, 5-Year Growth Rate 102.7%
ethanol investments that fueled progress
in 2006 and 2007 waned in 2008 and
2009. However, next generation biofuels, Installed Clean Energy (2009)
energy efficiency and the smart grid saw Total Renewable Energy
53.4 GW
investment gains. The 2009 enactment Capacity
of long-term production tax credits (wind)
Total Power Capacity 4%
and investment tax credits (solar) helped
salvage what could have been a disastrous
Percentage of G-20 Total 18.5%
year for U.S. clean energy investments.
U.S. clean energy investments are poised
5-Year Growth Rate 24.3%
to climb in 2010, when much of the clean
energy stimulus funding ($66 billion) is due
Key Renewable Energy Sectors
to be spent. The United States continues
to dominate venture finance and technology
Ethanol 47 m liters
innovation, but it lags in manufacturing.
Wind 31,900 MW

Key Clean Energy Targets (2022)

Biofuels 36 billion gallons
Clean Energy Policies*
Carbon Cap
Key Investment Incentives*
Carbon Market
Wind, Solar Production Tax
Renewable Energy Standard   Credit / Invest-
ment Tax Credit
Clean Energy Tax Incentives   
Cleantech Federal loan
Auto Efficiency Standards    guarantees
Wind, Solar, Power Storage Federal Manu-
Feed-in Tariffs    facturers Tax
Credit
Government Procurement   
*Policies & Incentives provided by local, state and
Green Bonds    federal governments

28 Bloomberg New Energy Finance Fact Book | 2010

G-20 COUNTRY Profile

Other EU-27

The EU countries not profiled independently Finance and Investment (2009)

in this report accounted for $10.8 billion
worth of clean energy investments in 2009 Total Investment $10.8 billion
making it 4th overall among the G-20. These G-20 Investment Rank 4
countries have a total installed renewable
energy capacity of 12.3 gigawatts. The Percentage of G-20 Total 9.5%
EU has strong community-wide targets, 5-Year Growth Rate 87.6%
including the goal of having 10 percent
of electricity be sourced from renewable
sources by 2010 and 5 percent of fuel Installed Clean Energy (2009)
consumption from biofuels by 2020. The
Total Renewable Energy Capacity 12.3 GW
EU’s community-wide carbon and energy
policies encourage clean energy investments Total Power Capacity 4.5%
throughout the region.
Percentage of G-20 Total 6.7%

5-Year Growth Rate 17.2%

Key Renewable Energy Sectors

Wind NA

Solar NA

Biomass NA

Clean Energy Policies Key Clean Energy Targets

Carbon Cap 10% of total electricity
     Renewable Power
consumption by 2010
Carbon Market      5% of total fuel consumption
Biofuels
by 2020
Renewable Energy Standard     

Clean Energy Tax Incentives     

Key Investment Incentives
Auto Efficiency Standards     
Green certificates, preferential
Portugal
Feed-in Tariffs      loans, investment grants
Greece Feed-in tariffs, tax incentives
Government Procurement     
Green premiums, investment
Green Bonds Netherlands
     subsidies

29 Bloomberg New Energy Finance Fact Book | 2010

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