Many intelligent investors will be asking themselves if the global credit crunch caused by the massive hemorrhage in the US housing sector has had a major impact on renewable resource investments.

The answer, as usual, is yes and no.

According to an information specialist in the renewable energy and carbon reduction industries, New Energy Finance, an estimated total of US $148.4 billion was invested in clean energy technologies, companies and projects in 2007.

In Q1 2008, investments in renewables dropped to $2.4 billion from $3.7 billion in 2007. That significant drop, however, was largely attributed to private equity, which dropped 64% from $2.5 billion in the first quarter 2007 to US $878 million in the first quarter 2008.

Venture capital investors continued to show confidence in the future of renewables, with $1 billion in investments in Q1 2008. Compare that with investments a year earlier of just $688 million, or an increase of 57%.

The data from New Energy (who put out excellent newsletters, by the way) suggests that while renewables are taking a hit in some regards, the overall performance in the sector and confidence of capital venturists will ride out the housing crisis comfortably.

This is bolstered by the performance of the NEX (WilderHill New Energy Global Innovation Index), which has stalled somewhat in the recent past but which continues to outperform the Nasdaq, S&P500 and AMEX Oil indexes.

The NEX is an index comprised of (at present) 89 companies worldwide focused on cleaner and/or renewable energies and technologies.

Investors cannot invest directly in the NEX, but some funds to follow the index’s list closely, such as PowerShares Global Clean Energy Portfolio (AMEX: PBD), which has an excellent track record.