Renewable energy investments are expected to rise by 23% in 2010, with spending estimated to rise to US$175-200 bln from US$162 bln in 2009, as per Bloomberg. The growth will be spearheaded by government stimulus funds on wind turbines and solar panels. Governments in USA, China, Europe and other regions have earmarked US$184 bln for clean energy projects, with over 65% of the money expected to be spent through 2011. Construction of windmills, solar power and biomass plants will continue despite failure of United Nations negotiators to reach a binding treaty to limit carbon dioxide emissions from fossil fuel plants. In 2009, USA spent about US$18.6 bln and China invested $34.5 bln in wind turbines, solar panels and other low-carbon energy technologies. Investment in USA fell 42% from 2008 due to a shortage of long-term private sector finance for projects. China replaced USA as the biggest investor in renewable energy for the first time in at least five years in a bid to reduce carbon emissions and meet demand for power. Demand for power has risen in China due to an exodus of farm workers to the cities to find employment, and the subsequent improvement in standard of living. Enjoying an average economic growth of 10% pa over the past three decades has also made the country the largest polluter, compelling the government to implement tougher emissions rules and set clean-energy targets. China has pledged to reduce its carbon-dioxide output per unit of GDP by 40-45% of 2005 levels by 2020. In 2008, annual renewable energy investment in China increased 18% to $15.8 bln compared to the average global growth of 5%. China made US$67.2 bln of stimulus allocations available through its state-owned banks to support the renewable energy industry and encouraged the growth of the domestic market. China has set a target of 9 gigawatts (GW) of solar power by 2020 from 2009 capacity of merely 120 megawatts (MW). Chinese producers of electric vehicles, wind turbines, solar panels, energy efficient appliances are now considered to be the top producers in the World. China is the world's leading manufacturer of photovoltaic (PV) panels, which turn sunlight into electricity. But over 90% of these are exported. In solar heaters, China has become undisputed global leader. China has increased its wind energy capacity to 12 GW, an impressive growth from 2007 to 2008. However, technical quality of Chinese producers of wind turbines and other products need to be enhanced to meet the global bench mark. China boosted the installed capacity of renewable energy projects to 52.5 gigawatts, mainly in the form of wind turbines and biomass plants. Low-carbon energy now accounts for 4% of the total. Despite the infusion of cash and government support for renewable sources of energy, China is expected to remain dependent on coal for about 70% of its energy needs for at least the next two decades, meaning it will remain the world's biggest emitter of CO2, a major greenhouse gas. USA continues to lead the world in installed renewable capacity at 53.4 GW, and is expected to see good growth with increased spending this year that will help reverse last year’s 40% decline. Venture capital spending was the highest in USA – at 60% of the world total. UK was the third-largest renewable investor in 2009, accounting for 10% of the G-20 total, followed by Spain, Brazil, Germany and Canada. However, it is unclear what direction the market will take when the stimulus is switched off.