Investment in low-carbon technologies is suffering its first reversal after several years of record growth, as the financial crisis dims the sector’s prospects.
Worldwide investment in clean energy companies and new clean energy capacity fell sharply in the third quarter of 2008, compared with the previous quarter, according to New Energy Finance, a market analyst company.
Venture capital and private equity investment totalled $4.4bn in the third quarter, down 24 per cent from the $5.8bn in the second quarter of 2008.
Even T. Boone Pickens is scaling back his “green” dreams:
Now with oil prices down, Pickens has said he has reduced what he planned to spend on his campaign — trimming spending to $40 million to $50 million from his initial plan of about $60 million.
He also said the collapse in natural gas prices has forced him to put his wind farm project for Texas on hold.
I guess “green” is not so fashionable when financial markets tank and when gas is just over $2 per gallon.