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| Renewable energy sources dominate new power generation capacity The annual Renewables Global Status Report published by REN21 shows that renewable energy technologies are continuing to grow rapidly, reaching a total power capacity of 280 GW in 2008, up 16% from 2007. For the first time ever, both the US and Europe installed more renewable power generation capacity than conventional technologies. The growth of renewable energy sources has, once again, outstripped all predictions. This was due to more favourable policies supporting renewables in an attempt to curb global greenhouse gas emissions, satisfy growing energy demand, increase energy security and stabilise costs. Many countries now have policies and targets in place to support the development of renewable energy. Today, at least 73 countries have renewable energy policy targets, up from 66 at the end of 2007, and at least 64 countries now have some type of policy to promote renewable power generation. In response to the financial crisis, several governments have directed economic stimulus funding towards the new green jobs the renewable energy sector can provide, including the U.S. package that will invest USD150bn over ten years in renewable energy. Developing countries – particularly China and India – are increasingly playing major roles in both the manufacture and installation of renewable energy. As a result, China's total wind power capacity doubled in 2008 for the fourth year running. Given its strong performance throughout the last decade and increasing political commitment, the renewable energy sector has long been considered a safe heaven for investments. While, like in other sectors, the credit crunch has taken its toll on the financing options for new projects, investment in the renewables sector in 2008 reached over USD120bn, up 16% from 2007. Around USD 50 bn of this investment came from wind energy alone. By August 2008, at least 160 publicly traded renewable energy companies worldwide had a market capitalization greater than $100 million. write your comments about the article :: © 2009 Construction News :: home page |