Last year was not a good one for investment in green projects and technologies. The combined effect of the recession and the hangover from the failure of the Copenhagen talks saw investment levels drop sharply.
But this year is looking rosier, according to HSBC. Their analysts say in a new report:
Doubts about science have been replaced by the realities of extreme events and rising commodity prices. The shocks to European renewables incentives sparked by the fiscal crisis appear to have run their course, and efforts to drive energy efficiency will be intensified in the EU in the next 12 months.
While the rest of the climate-change world went to Cancun to watch the UN just about rescue its process, a team of intrepid HSBC researchers travelled to China, from where they returned with bullish news on clean energy.
In a mammoth report entitled Low-carbon China, the team found that the country was on track to outstrip its own targets on clean technology by a long way. This chart below shows the bank’s forecasts for solar and wind for 2015 and 2020 at around 50 per cent and 65 per cent above official targets.
An intriguing story by Sky’s (and the FT’s) Mark Kleinman this morning, who is following the UK prime minister in China.
Mark reports that Shell is planning to list its shares on the Shanghai stock exchange, and has even appointed China International Capital Corp to help it do so.