Are Renewables Approaching a Tipping Point? Highlights from the … Renewables 2007 … Status Report

[OKIsItJustMe]

http://www.worldwatch.org/node/5629

Are Renewables Approaching a Tipping Point? Highlights from the REN21 Renewables 2007 Global Status Report

Janet L. Sawin – March 3, 2008 – 6:00am

The REN21 Renewables 2007 Global Status Report presents information about the current status of renewable energy around the world. The report is a joint project of the Worldwatch Institute and REN21 (the Renewable Energy Policy Network for the 21st Century) and was initiated in 2005. The 2007 edition is the third in the series.

Investment Trends

This year’s report finds a dynamic, rapidly growing renewable energy sector, with the economic gap between renewables and fossil fuels closing quickly, thanks to rising oil prices and growing recognition of the high cost of carbon emissions. As a result, investing in renewables is no longer just about “doing the right thing” and being green, but also about making green—and global investment trends reflect this thinking.

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Market Trends

These investments are driving the marketplace. We estimate that total renewable power capacity (excluding large hydropower) increased by 33 gigawatts (GW) in 2007, to 240 GW worldwide. It’s remarkable that this is almost 50 percent higher than the global total just three years ago (in 2004). Including large hydropower, renewables now provide more than 1,000 GW of electric power capacity; this compares to about 4,300 GW of total global power capacity.

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National Policies

Helping to drive these high growth rates, at least 64 countries now have national targets for renewable energy. At least 60 countries have policies to promote renewable electricity, while at least 53 countries, states and, provinces have biofuels mandates. Many of these targets and policies are in developing countries, and several additional developing nations are in the process of enacting policies. Worldwide, incentives for renewables exceed $20 billion per year, and it’s estimated that more than half of this is now going to biofuels.

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China Taking the Lead

China is without a doubt the biggest story in renewable energy in the past year. Based on current trends, China could well be the world leader in renewable energy within the next three years.

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[DCKit]

1. It will never work. The technology isn't mature yet. It's too expensive.

Now the NNaysayers don't have to bother posting on this OP.