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Global Clean Energy Investments to Double Over 5 Years to $30Bln Per Year

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Energy ministers from CEM7 seek to increase investments in clean energy research, the White House announced on Thursday.

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WASHINGTON (Sputnik) — Energy ministers from around the world taking part in the seventh Clean Energy Ministerial (CEM7) in San Francisco seek to increase investments in clean energy research and development to $30 billion annually, the White House announced on Thursday.

"Twenty nations, and the European Union as the newest partner, are announcing their specific plans… and committing to invest nearly $30 billion per year in public clean energy research and development by 2021," the release stated.

This investment is known as Mission Innovation, which was put together by the global energy leaders last time they met in Paris in 2015.

"These countries are meeting with the dual goal of accelerating the development of today’s clean energy technologies through the CEM and investing in innovation for technologies of the future through Mission Innovation," the White House said.

Renewable energy is expected to grow by more than 600 percent by 2040, according to findings released on Thursday from Bloomberg New Energy Finance, the release noted.

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