Worldwide cleantech investments declined 33 percent in 2009 from a year ago, and that’s just part of the good news for the industry that fared better than others, according to a report.

Money pumped into promising clean technologies around the world dropped to $5.6 billion in 2009 from $8.5 billion in 2008, according to the report released Wednesday from the Cleantech Group and Deloitte, which tracked venture investments across North America, Europe, China, and India.

Cleantech's silver lining is that the 33 percent drop puts the industry on par with 2007 investment levels while overall venture capital retreated to 2003 levels, according to the report. Cleantech investments were boosted in part by governments worldwide dispersing stimulus spending to bolster economies.

“In parallel to trying to reach carbon agreements, governments spent the year earmarking hundreds of billions of dollars for clean technology in pursuit of economic growth,” Cleantech Group Chairman Nicholas Parker said in a statement.

Interest in solar companies attracted 21 percent of clean tech venture funding, or $1.2 billion in 2009. That was followed by 20 percent for transportation – electric cars, advanced batteries, and fuel cells – that took $1.1 billion. But the one to watch, says the report, is so-called energy efficiency, which grabbed $1 billion, or 18 percent of the funding. Energy efficiency is expected to be a market-leading attraction for 2010.

Globally, venture capital gains went to Europe and Israel over North America. North America’s chunk of global clean technology funding declined to 62 percent in 2009 from 72 percent in 2009.

“The drop underscores how cleantech innovation has continued to globalize. North America’s historic cleantech innovation and capital advantage may grow less distinct over time,” Cleantech Group Managing Director Dallas Kachan said in a statement.

That may already be playing out in regions such as China. Investment levels there were almost unchanged from $330 million in 2008 to $331 million for 2009, coming as M&A activity logged a historic high of $5.5 billion for 2009. China also accounted for 72 percent of global IPO proceeds, raising $3.4 billion from 17 companies.

That compares with North America's M&A transactions that dropped 17 percent in 2009 to $8.4 billion from 2008 levels. Also, the $1.2 billion raised from seven North American cleantech IPOs marked the lowest point since 2005.