By DAVID PITT
Associated Press
2009-05-05 08:17 AM When President Barack Obama stood in front of wind turbine towers in a Newton, Iowa, factory last week he was not only pushing his green energy policies but promoting an industry that has been growing rapidly and gaining favor with investors.
Revenue from solar, wind power, ethanol and biodiesel fuel grew 50 percent to about $116 billion last year, according to Clean Edge Inc., a research and publishing firm. The spike in green revenue, and the backing of the federal government to explore these energy sources has excited investors.
"They favor green investment right now because they think that's the way the world is going," said David Wood, director of the Institute for Responsible Investment at Boston College's Center for Corporate Citizenship.
The federal stimulus package includes $17 billion for the current fiscal year to upgrade and expand the antiquated national power grid. It also allocates $11 billion to develop a smart grid _ an electronically controlled distribution system that will be much more efficient.
All told, last year global investments in energy technologies expanded by 4.7 percent to $155 billion, according to research and consulting company New Energy Finance Ltd.
"The smartest investors put their own personal prejudices aside," said Jeff Siegel, managing editor of Green Chip Stocks, an investment advisory service. "Many people think global warming is propaganda, but they're aware that the bottom line is climate change legislation is going to happen. Investors smart enough to realize this know there's an opportunity there."
Read more: US: Investors see bright future in wind energy
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