Merry X-Christmas, Mike B)
P.S. "Always forgive your enemies; nothing annoys them so much." Oscar Wilde
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Recent research by the Worldwatch Institute reveals that production of renewable energy is growing at an astounding 20-30% per year. This increase is even more impressive (and encouraging for renewable energy supporters) when you compare the increase with the 2% growth rate of oil and gas.
The report from the global sustainability researchers at the Worldwatch Institute also reveals that investment in renewable energy hit a record high of $US30 billion in 2004. It shows that at least 48 countries have taken the initiative to develop renewable energy promotion policies. And 14 of those 48 countries are developing nations that are exempt from emissions caps under the Kyoto Protocol.
When Worldwatch Institute president Christopher Flavin addressed more than 5,000 delegates at the 18th World Petroleum Congress, he said that traditional energy markets had reached a “tipping point.”
“New energy sources are attracting roughly $30 billion in investment annually. The question for oil executives is whether you’re in the oil business or the energy business,” Mr Flavin said.
He added that global energy markets were already beginning to feel the shift, and Mr Flavin cited China’s encouraging commitment to generate 10% of its total energy needs from renewable sources.
The Worldwide Institute report revealed that China is also now one of the global leaders in renewable energy capacity with a current installed capacity of 37GW.
And which renewable energy source is proving the most popular? The report showed photovoltaic-based solar energy as the fastest-growing source, with global capacity increasing by 60% per year between 2000 and 2004. This increase is projected to continue as both improved technologies and economies of scale help to reduce the initial costs of photovoltaic systems.
This outlook is supported by the fact that solar and wind power costs are already around half of what they were 15 years ago, and that many renewable technologies can now, under good conditions, compete with prices of conventional technology.
With results and forecasts such as these, it adds further encouragement for Governments, organisations and individuals to pursue and invest in renewable energy development and production.
Want to learn more about renewable energy initiatives? Go to the Sustainable Energy Development Office’s website at:
www.sedo.energy.wa.gov.au
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