Globally, renewable energy is on the retreat, to the point where last month the Ernst & Young accountancy firm warned that, should the eurozone debt crisis worsen, a climate funding gap of $45bn (£29bn) worldwide could emerge by 2015.
Even if government cuts do not deepen, which is unlikely, the Ernst & Young report claimed that a gap of $22.5bn on investment in renewable energy and subsidies is likely to emerge across 10 leading world economies in less than four years. Among them is the UK where the shortfall is estimated to be $5bn, while in Spain – effectively confirming Kistner's fears – it would be $6bn.
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