In the US and Europe, the renewable energy industry has seen unprecedented growth in recent years, but policy uncertainty and budgetary constraints have created headwinds in both regions. At the same time, many developing countries are putting in place policies to encourage investment in the sector. In 2010, for the first time, investment in renewable energy in developing countries (US$72 billion) exceeded that in the developed world ($70 billion). Will this trend continue? What risks and opportunities can investors expect as they enter emerging markets?