At least US$515 billion has to be invested every year in clean energy between now and 2030 to avoid severe climate change, the World Economic Fund (WEF) said in a report on Thursday.

The report, titled the Green Investing: Towards a Clean Energy Infrastructure outlined the scale of the investments needed to develop a clean energy infrastructure and move to towards a low-carbon economy.

It warned that if the investment falls short, carbon emissions will reach a level deemed unsustainable by scientists, causing temperatures to rise by two degrees globally.

Clean energy investments increased from around US$30 billion in 2004 to over US$140 billion by 2008. Although investment in clean energy has not only increased, but has also diversified geographically, the amount remained far away from the WEF's call.

As the financial crisis is making credit difficult to get for any funding, authors of the reports urged world governments to combine their economic stimulus plans with green investments

"Enormous investment in energy infrastructure is required to address the twin threats of energy insecurity and climate change. In light of the global financial crisis, it is crucial that every dollar is made to 'multi-task' to create a sustainable low-carbon economy," they said, adding clean energy opportunities have the potential to generate significant economic returns.

The report showed that even after a tumultuous 2008, an index of the world's 90 leading clean energy companies had a five-year compounded annualized return of almost 10 percent unmatched by the world's major stock indices.

It identified eight emerging, large-scale clean energy sectors that are expected to significantly contribute in the move to a clean energy infrastructure of the future, namely onshore wind, offshore wind, solar photovoltaic, solar thermal electricity generation, municipal solar waste-to-energy, sugar-based ethanol, cellulosic and next generation biofuels, and geothermal power.

Earlier today, a high-profile panel at the WEF annual meeting in Davos also called for the link of the economy and climate agendas in 2009.

They warn against complacency in the United Nations' climate talks, due to conclude in December in Copenhagen to replace the Kyoto Protocol.

In a statement, the panelists suggested using some of the money available from fiscal stimulus packages to invest in activities that can provide jobs as well as create low emission options.

They said that linking the economy and climate discussions in this way can create a "diplomatic opportunity" in 2009, urging business, governments, experts and civil society groups to come together to design "win-win" projects and collaborations.

(Xinhua News Agency January 30, 2009)