socialmedian: Renewable energy: Obama's cruise to the White House puts the wind back in green sails

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Renewable energy: Obama's cruise to the White House puts the wind back in green sails

Source: The Guardian

Nov 06, 2008

Summary

The election of Barack Obama has put the wind back into the sails of the renewable energy sector, where investor confidence had been badly punctured by the credit crisis. Clean technology and green energy stocks have soared as City analysts predict a major boost from the incoming president.

Solar Integrated Technologies rose by 30% yesterday after increases of 22% by Renewable Energy Corporation and 16% by the wind turbine maker Vestas in the 24 hours before, when they were helped upwards by oil prices returning to above $70 a barrel.

Obama has promised to invest $150bn over 10 years in renewables as part of a wider plan to increase US energy security amid fear of oil shortages, while also reducing the country's carbon emissions in a bid to tackle global warming - and create jobs during an economic downturn.

Kate Hampton, head of policy at Climate Change Capital, a UK-based investment manager, was one of many who welcomed the poll result as a massive step forward for renewables.

"We cannot overstate how divisive the Bush administration was, how far behind the US

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