The US overtook China as the leading investor on clean technology in 2011 for the first time since 2008, the Financial Times reported. A report by Bloomberg New Energy Finance credited president Barack Obama’s subsidy program for the surge of investment in renewable energy, biofuels and energy efficiency. However, analysts believe the US could fall into second place again in 2012, as two key subsidy programs are set to expire. Subsidies are necessary in the clean energy industry to incentivize technology development to lower costs, and make wind and solar power prices competitive with fossil fuels. Global investment in clean energy grew 5% in 2011 to US$260 billion. Investment in the US increased 33% to US$55.9 billion, while China was largely unchanged at US$47.4 billion.