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While U.S. venture capitalists have led in global greentech startup investment, it’s developing economies that have driven the green public markets in 2010. That’s according to HSBC, which reported Wednesday that “climate-related” equities in emerging markets saw returns of 2.5 percent in 2010, compared with a 1.2 drop for developed markets. That’s no surprise, given that developing nations are doing well while U.S., European and Japanese economies remain sluggish. Brazil’s market led with 18 percent growth, followed by South Africa at 11.9 percent and South Korea at 6.8 percent. Still, the weight of developed markets dragged down global climate equity returns 0.7 percent for the year, the bank reported. HSBC also found that emerging markets gave out $77 billion in green stimulus, compared with $68 billion from developed nations. China led the way with 1.5 times more stimulus than the United States.