Europe has spearheaded the drive to change from a system of power stations burning fossil fuels to one in which a significant proportion of electricy comes from non-polluting sources. Chart the spending on renewables in Europe and the bloc’s emissions, and a pattern is clear. Investment in renewables soared between 2005 and 2011, and emissions mosly fell: “Renewable energy investment has played a big role in reducing emissions,” Stephanie Pfeifer, CEO of the Institutional Investors…