New investment in clean energy slipped back in 2009 compared to the peak level achieved in 2008, as stated by Bloomberg New Energy Finance in its estimates published in January. However, the absolute dollar figures have been revised upwards. The change reflects methodological improvements carried out over recent weeks by Bloomberg New Energy Finance.
The changes revise the total new investment in clean energy in 2009 upwards to $162 billion from the previously stated $145 billion. The 2008 figure is revised up from $155 billion to $173 billion, and the 2007 number from $148 billion to $157 billion. The trend in investment activity, however, remains unchanged. Annual new investment grew more than threefold from 2004 to 2007, increased a bit further to a peak in 2008, and then slipped back modestly in 2009 as the recession left its imprint on the sector.
The alterations to the figures reflect a number of methodological improvements carried out by Bloomberg New Energy Finance's team in London; Cape Town, South Africa; Washington, D.C.; Beijing over recent weeks.
In particular, the new data include a fresh way of accounting for bridge finance and construction debt on projects such as wind farms, solar parks and biofuel plants. They also incorporate a comprehensive review from the bottom up of the level of corporate research, development and deployment in clean energy, revealing higher totals than previously estimated.
SOURCE: Bloomberg New Energy Finance Â