Those who say that fossil fuels will always be the number one source of energy may need to rethink their logic following the release of two reports, one from industry news source Bloomberg New Energy Finance (BNEF) and another from polling organization TNS Gallup. Both of these studies showed an increased appetite for renewable energy and suggested that investors and business leaders are more apt to put their money in green technology.
The Corporate Renewable Energy Index Report 2012 (CREX) from Bloomberg is designed to track investment in the green sector. According to the index, clean energy expenditures exceeded those for fossil fuels for the first time in 2011. $237 billion was spent on renewable power investment while $223 billion went to oil and natural gas development.
Bloomberg officials, including BNEF chief executive Michael Liebreich, celebrated the results but urged global leaders to devote more time and energy to research and develop new green technologies.
"The findings of the CREX report show corporations are taking an active role in purchasing their own renewable energy directly," he said in a press release. "However, the pace of growth in companies' use of renewable energy will depend on the level of political and regulatory support, and on further progress in the cost-competitiveness of these technologies."
Gallup's study rated public perception of wind energy and its role in the national economy. Sixty-two percent of respondents told the organization that they would like to see more products made from companies that utilize wind-derived power sources. Another piece of evidence from the second study was that greater private investment in this sector, namely from larger corporations, is a big signal for those in the industry that market forces are driving more companies into renewables.