Global investment in clean energy reached a new record of $260 billion in 2011, 5% more than the previous year, according to Bloomberg New Energy Finance.
Solar was twice as popular as wind with a 36% surge in total investment in solar technology. Wind power had an investment of $74.9 billion in 2011.
Michael Liebreich, Chief Executive of Bloomberg New Energy Finance, said: “The performance of solar is even more remarkable when you consider that the price of photovoltaic modules fell by close to 50% during 2011 and now stands 75% lower than three years ago.”
The report also suggests there was more investment in clean energy in the US than China for the first time since 2008. Europe saw the investment rise 3% to $100.2 billion, with the most solar installations in Germany and Italy.