Clean energy revenue expected to triple in 10 years
Revenue in biofuels, wind power, solar photovoltaics and fuel cells grew 40 percent in 2007, to $77.3 billion worldwide, according to Portland, Ore.-based Clean Edge.
Clean Edge predicts total revenue for the sectors will more than triple to nearly $255 billion by 2017.
New investment in clean energy development grew 60 percent in 2007, to more than $148 billion worldwide. In the U.S. last year, $2.7 billion in venture capital - almost 10 percent of total venture investing - went to clean energy.
"Clean energy has moved from the margins to the mainstream, and the proof is in these numbers," said Ron Pernick, co-founder of Clean Edge, in a statement.
For the first time, three clean energy technologies passed the $20 billion revenue mark in 2007.
Wind power is the largest of these, with more than $30 billion in revenue. Clean Edge expects wind to remain the biggest sector by revenue, and projects revenue of $83.4 billion for 2017.
Biofuels are the second largest sector, and growing faster than wind power. Wholesale sales of biofuels reached $25.4 billion in 2007, and are projected to be more than $81 billion in 2017. Ethanol dominates the biofuel sector now, with more than 13 billion gallons sold last year, compared with more than 2 billion gallons of biodiesel sold last year.
Solar photovoltaic technology sales were $20.3 billion last year. This is the sector expected to grow the fastest of all, to $74 billion by 2017.
Related News

Climate Solution: Use Carbon Dioxide to Generate Electricity
LONDON - The world is quickly realizing it may need to actively pull carbon dioxide out of the atmosphere to stave off the ill effects of climate change. Scientists and engineers have proposed various techniques, but most would be extremely expensive—without generating any revenue. No one wants to foot the bill.
One method explored in the past decade might now be a step closer to becoming practical, as a result of a new computer simulation study. The process would involve pumping airborne CO2 down into methane hydrates—large deposits of icy water and methane right under the seafloor, beneath water 500 to…