Goldman Sachs is planning a $40 billion investment over the next decade into renewable energy projects, according to media reports.
The US bank, which has helped finance $4.8 billion in clean energy companies worldwide and invested some $500 million is upping its level of ambition because of growing demand in nations like China and Brazil, says news agency Reuters.
Investment will average at around $4 billion a year, supporting and providing finance for solar, wind, hydro, biofuel, biomass conversion, energy efficiency, energy storage, green transportation, efficient materials, LED lighting and transmission grid projects.
Enthusiasm for renewables was high in 2006-7 when oil prices were high, but was relegated to a back burner during the economic crisis.
But the prospect of growth in fast-developing nations like China, India, Brazil and Russia is driving new interest.
Critics, however, say the move its just a ‘charm offensive’ to rebuild the bank’s reputation after a series of blows in the wake of the financial crisis.
For further information:
Green power financing flies in face of economic downturn, says KPMG (9-May)
Global clean energy investment up 6.5% led by the US (12-Apr)
Despite record 2011, outlook for 2012 less certain says Ernst Young (29-Feb)
Article source: http://www.energyefficiencynews.com/i/5135/