Power generation through Eco-friendly medium is now making a fraction of 22% in planet’s electricity composition. In china, a significant investment over wind turbines has taken place in prior year that amounted $250 billion and investors looking forward to spur this segment and revive a green environment concept.
Renewable energy technologies like solar, wind and other power aptitudes reported ever strong growth in last year and now being held the portion of 22% in global electricity, claimed by International Energy Agency (IEA) in their new report published on Thursday. Moreover, the investment of $250 billion was made in the account of renewable energy projects in 2013, and the development will remain lofty as a result of exhaustion present within the Politian concerning to heavy imbursement of subsidies.
The higher officials of IEA stated that the governments should exhibit some patience as the Renewable energy set ups are undoubtedly important for global power security. While, these green technologies are turning out to be the best cost-cutting measures in number of instances that bring the focus of several developed and underdeveloped countries for installing renewable energy sources for financial prudence. They also added that the administrations are supposed to differentiate their time intervals at first as the prices are falling in due course. Therefore, the renewable energy sector must provide some context that give confidence to investors for potential evenhanded returns.
The report also contain future prospects of Renewable energy that sustainable energy channels are expected to generate around 26% of world’s energy till the end of 2020. However, total investment in renewable gets stumpy in comparison with the year 2011 when the total outlay was $280 billion, and it tends to become lower to get on to the average level $230 billion of spending if government will not charged up and formulate certain policies for backing the sector by upholding high lay outs.
The recent trends of installing various renewable energy systems are truly inspiring but international Energy Authority (IEA) believes that those are not sufficient enough to deal with the climatic changes.
Onshore wind system is considered as the most cost-effective technology under renewable energy realm in UK whereas; offshore wind methods are comparatively unviable due to high cost.
