Environmental projects are already suffering in the recession, according to recent research. HSBC, the international banking group, forecasts that the market for wind energy will drop by 20 per cent in 2009, the first time in years that wind companies have seen anything but rapid growth.

New Energy Finance, a research company, says investment in clean energy last year reached $155bn, about 4.4 per cent higher than in 2007. But this masks a different trend – in the first half of last year, there was strong growth. In the second half, this dropped off dramatically, with asset finance for clean energy projects down 25 per cent on its peak level. NEF forecasts that this year will be flat, with about $150bn of investment in the sector.