Despite US recession fears and volatile stock markets, investments seem to continue pouring in for new technologies related to reducing greenhouse gas (GHG) and oil consumption.
Several US institutional investors pledged at a U.N. summit a total of $10bn over two years to reduce GHG and pressure companies to divulge their inner carbon emission secrets, according to this Reuters report.
According to RenewableEnergyStocks.com, photovoltaic and solar stocks have been performing real well this year. Several companies’ earnings also reported gains for the past quarter. Technology advancement and expanding capacity in the photovoltaic markets were the reported drivers for the recent gains.
In New York, around $28 million of the state’s tax money is being funneled to green pork barrel projects, according to this article from the New York Post.
Projects cited include the $3.2m hydropower turbines planned under the East River; $294,000 worth of hybrid buses for the Buffalo region; $264,000 worth of foliage to cover a roof of a metal fabrication plant in Red Hook, Brooklyn; and a $2.9 energy-efficient building for the New School University.
$264,000 foliage??? Pls. contact Rep. Nydia Velazquez (D-Brooklyn) for more details…
Some analysts are worried that these growing green investment bubble especially for solar and biofuels could soon pop. It’s definitely already happening in the corn-based ethanol market.
“That sector is already dead for investors,” according to a consultant from Burrill & Company, who presented at the BIO CEO & Investors conference in New York City, which I recently attended. According to Burrill, several producers of corn-based ethanol have pulled out of the market because of overcapacity and high corn costs.
Let’s see how the solar market copes…