Investment in renewables surges to meet demand for alternative energy

Total global investment in renewable energy is likely to increase more than sevenfold in the next decade to reach �375bn, research out today suggests. The latest Ernst & Young "renewable energy country attractiveness index" - which tracks investment in renewables such as wind, wave and solar power - said demand for clean energy is surging at unprecedented rates, driven by government incentives, and had reached �50bn in 2006. Jonathan Johns, head of renewable energy at Ernst & Young, said he saw no sign of the investment cooling despite uncertainties in some global markets. "Competition for assets is intense and trade players are increasingly battling for supply chain presence. Further takeover speculation has fuelled share price rises this year and while global trading markets have been tumbling, energy stocks appear to have escaped relatively unscathed for the time being."