Record investment in renewable energy in 2011

[June 12, 2012]  GENEVA (AP) -- The United Nations says global investment in renewable energy reached a record of $257 billion last year.

A report released by the U.N. Environment Program says solar energy alone attracted investments of $147 billion in 2011.

This was helped by falling costs for solar cells as Chinese manufacturers sparked a price battle that put several American and German competitors out of business.

China claimed almost a fifth of the total investment volume. The Asian nation spent $52 billion on renewable energy.

The United States was close behind with investments of $51 billion. Germany, Italy and India made up the top five.

[Associated Press]

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