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A combination of climate change concern, return on investment and rising energy costs has led to increased interest in cleantech investment, according to Ernst & Young. The U.S. in particular has 301 venture-backed cleantech companies involved in the solar or biofuel industry that have received cumulative investments of US$7.29 billion. Following a few steps behind are solar investments in Europe (203 companies), China (25) and Israel (16). Investment in four solar companies in China amounted to US$56 million.

A study by Ernst & Young found that of the 150 global companies surveyed, 90% were undertaking some form of climate change initiative, with disclosed financial commitments totalling US$276 billion for the next ten years.

A second study found that the cleantech investment market is set to flourish even further, with 35% of corporate venture capital programs planning to increase their investments in cleantech companies next year, and 44% planning an increase over the next five years.

Overall investment in the cleantech industry as a proportion of global venture capital investment as a whole is up from 1.6% of total investment in 2003 to 11% in 2008.

By Síle Mc Mahon