BEIJING (Reuters) - Global investment in renewable energy hit a record $30 billion last year, accounting for 20-25 percent of all investment in the power industry, and with solar power the fastest-growing energy technology, a Worldwatch Institute report released on Sunday said.
The Worldwatch Institute, a Washington-based organization working for environmental sustainability, said the renewables sector was growing as a result of government support and increasing private sector investment.
"Policies to promote renewables have mushroomed over the past few years. At least 48 countries worldwide now have some type of renewable energy promotion policy, including 14 developing countries," the report said.
Most countries with renewable energy policies are targeting 5 to 30 percent of their electricity production by 2012, the end of the first phase of the Kyoto Protocol on reducing emissions of greenhouse gases.