According to a recent report from Oregon-based Clean Edge Inc., the market for clean energy grew to US$77 billion in 2007, and is expected to triple again over the next 10 years.

Clean Edge, a company that has been tracking the growth of clean-energy markets since 2000, reported a 40% jump in revenue growth for solar photovoltaics, wind, biofuels and fuel cells in 2007. Revenue swelled to US$77.3 billion in 2007, up from US$55 billion in 2006.

The report notes that a growing number of governments have announced plans to generate electricity from renewables, and corporations are continuing to lead the transition to a cleaner and healthier economy. A few years ago such ambitions would have seemed unlikely. The report adds that clean energy is becoming the norm for a range of traditional stakeholders within government, industry and finance.

“Clean energy right now is a very modest component of the overall energy mix and, given the climate change debate, there is a growing public will to make it a bigger percentage than what it is at now,” says Ian McPherson, president of Toronto-based Criterion Investments Ltd. “It won’t solve the world’s energy problem, but it is a huge help.”

New global investments in energy technologies, including venture capital, project finance, public markets and research and development, have expanded by 60%, according to New Energy Finance, a Britain-based research firm.

A recent report from the firm looks at five key clean energy trends of interest to investors this year. New sustainable cities are beginning to emerge that are focusing on clean energy technology. Cities such as Masdar City in the United Arab Emirates aim to eliminate waste and become car-free cities, creating new opportunities for clean tech development and investment. Small makers of electric-powered cars, for instance, are experiencing a growth spurt, beating larger global car companies to consumers waiting in line for green cars.

Foreign firms are powering the U.S. market for wind power, spurred by renewable energy portfolio mandates, growing investor and public awareness and the weakness of the U.S. dollar. The U.S. is now among the fastest growing market for wind power and is on track to surpass Germany as the world’s largest market by the end of 2009.

Geothermal energy is resurfacing as a growth sector and is the only clean-energy resource besides hydroelectric power that provides energy 24 hours a day; it also boasts an average plant uptime of 98% and does so more reliably than nuclear or coa-fired power plants.

“Energy storage is one thing that has not been mastered,” notes McPherson, “so if one was able to store some of that energy for later use and smooth out the discharge, then that’s the holy grail. With geothermal energy, it does offer that.”

The shipping industry accounts for 4.5% of global CO emissions and is moving toward cleaner oceangoing ships. Cutbacks on idling in ports, plug-in electrical systems and engines that can be powered down can reduce emissions from oceangoing vessels.

And companies, such as Germany-based SkySails GmbH & Co., specialize in powering ships through sails or kites, providing additional methods to reduce fuel emissions. IE