The report “Renewables 2007: Global Status Report” provides detailed overview of market rends, as well as trends in investments and policies associated with renewable energy. The report sheds lights on the status of renewable energy worldwide. The authors say that nowadays our plant can’t be left without renewable energy as it remains the only chance to reduce carbon emissions in the atmosphere, to make our air cleaner and to provide our civilization with sustainable footing as we are constantly thinking about situation when convenient energy sources won’t help.
Therefore, renewable energy is chance not only to improve energy security, but also to foster economic and financial development in developed and developing countries. Renewable energy sector is marked by a series of changes and innovations during the last decade and many people remain unaware of the reality where renewable energy industry is nowadays. Researchers argue that in 2007 renewable energy generation capacity has increased worldwide – up to 50%. Therefore, renewable energy represents about 5% of global power capacity.
Renewable energy is able to generate one-quarter of electric power worldwide as world’s nuclear power plants. Of course, hydropower remains dominant in the world. Wind power is considered the largest component of renewable energy capacity and it has grown up to 28% in 2007. Annual capacity growth is marked as 40%. Grid-connected solar photovoltaics is among the fastest growing energy technology – 50% of annual growth. It is noted that “rooftop solar heat collectors provide hot water to nearly 50 million households worldwide and space heating to a growing number of homes”.
(Global Status Report 2007, p. 6) Geothermal energy and biomass are also a matter of interest as they are used for both heating and power generating. The number of countries which refer to biomass is increasing as more and more countries realize the importance of district heating. Thirty countries use ground source heat pumps for heating and cooling. Ethanol and biodisel is among the most popular biofuels and their production has exceeded 53 billion liters. For example, “ethanol production in 2007 represented about 4 percent of the 1,300 billion litres of gasoline consumed globally”.
(Global Status Report 2007, p. 6) However, developing countries tend to refer to renewable energy as it is effective ay to provide rural areas with heat, electricity, TV, water pumping, motive power, etc. Due to renewable energy rural people are able to satisfy their home, school, agricultural and community needs. For example, biogas is used in twenty-five million homes for cooking and lighting the house, whereas solar lighting systems are used in more than two million homes. Interestingly, developing countries see more opportunities in renewable energy than developed courtiers.
Researchers note that developing countries are provided with more than 45% of renewable energy capacity and more than 60% of solar capacity, and, finally, more than 40% of biofuels production. More than $ 70 billion was invested in renewable energy and heating capacity in 2007. More than 40% was for solar power, whereas only 30% was for solar capacity. Additionally, $20 billion was invested in large hydropower. It becomes evident that investments are nowadays more diversified and mainstreamed.
They come from investment banks, commercial banks, private equity investors, venture capital, local financiers and bilateral development organizations. New companies join renewable energy industry; they broaden expansion into emerging and developing markets. Industry growth is observed in “a number of emerging commercial technologies, including thin-film solar PV, concentrating solar thermal power generation, and advanced/secondgeneration biofuels”. (Global Status Report 2007, p. 17) One more benefit is that renewable energy industry creates more jobs.
A number of policies aimed at promoting renewable energy in the world markets have mushroomed in the last five years. More than 30 developed countries and about 23 developing countries have introduced governmental policies to promote renewable power generation. For example, the feed-in law is the most common policy. Other policy forms include capital investment, tax incentives, rebates, subsidies, credits, tax exemptions, sales tax, tax credits, energy production payments, net metering, public competitive bidding, and public financing.
Actually, developing countries tend to accelerate renewable electricity promotion policies, policies for biofuels, solar hot water, etc. Growth of renewable energy market is also supported by market facilitation organizations. It is necessary to support industries, investments, networking, project facilitation, financing, policy advice, etc. Reports: Comparison and Significance Both reports “Global Trends in Sustainable Energy Investment 2008” and “Renewables 2007: Global Status Report” are equally significant and important for community as many people remain unaware about the reality of renewable energy industry.
Reports aim at adjusting our perceptions and educating about the benefits of renewal energy industry. Reports represent overall picture of renewable energy markets, the importance of renewables in developing countries, growth of solar and biofuels production, etc. Researchers show that the future of renewable energy is great as more and more organizations, companies, countries refer to renewable energy for heating, cooling, lighting houses, etc. More than $100 billion is invested in renewable energy production and it means that PV industry has perspective future.
Global Warming and Renewable Energy It is a matter of fact that the problems with climate change, global warming and alternative energy sources are very series as the whole world is affected. Finding way to fight climate changes and to promote renewable energy sources will help to solve the problem and to might push the world out of the use of fossil fuels (oil, coal, natural gas) as energy sources as they are limited. Over the past decade more than 100 countries decided to use renewable energy source and with such growth fossil fuels are likely to be pushed out within the next one-two centuries.
I think that renewable energy swill help to fight climate changes as it doesn’t exhaust out natural resources as fossil fuels. Alternative energy sources are able to meet large portion of future energy needs and it is necessary to stay committed to development and implementation of wind and solar technologies. Renewable energy produces no air and water pollution and, therefore, it doesn’t contaminate environment as there are no chemical processes.
Global Trends in Sustainable Energy Investment 2008. (2008). Available at www.ren21.net.