Despite the continuing economic recession, incentive cuts and low natural gas prices, the renewable energy sector continues to grow, says the REN21 Renewables 2011 Global status report. The report states that in 2010, renewable energy supplied an estimated 16% of global final energy consumption and delivered around 20% of global electricity production. Including all hydropower (an estimated 30GW added in 2010), Renewable energy accounted for approximately 50% of total added power generating capacity in 2010. This year or 2012 will see more renewable than non-renewable capacity installed worldwide, predicts this report.
According to the Worldwatch Institute, renewable energy policies continue to be the main driver behind renewable growth. By early 2011, around 120 countries had some type of policy target or renewable support policy at the national level – more than doubling from 55 countries in early 2005. Feed-in tariffs remain the most common policy mechanism, according to Worldwatch.
In terms of finance, money invested in renewable energy companies, utility scale generation, and biofuel projects increased to $143bn, with developing countries sur-passing developed economies for the first time, according to the United Nations Environment Programmes Global Trends in Renewable Energy Investment 2011, a sister report to the RE21 report. China attracted $48.5bn, or more than a third of global total, but other developing countries also experienced major developments in terms of policies, investments, market trends, and manufacturing, says Worldwatch.
The REN21 report also states that:
- China led the world in the installation of wind turbines and solar thermal systems, and was also the top hydropower produced in 2010. The country added an estimated 29GW of grid-connected renewable capacity, for a total of 252GW- an increase of 13% compared with 2009.
- Renewables accounted for about 26% of China’s total installed electric capacity in 2010, 18% of generation, and around 9% of final energy supply.
- In the European Union, renewable represented an estimated 41% of newly installed electric capacity. This was significantly lower than 60% of new capacity in 2009, but more renewable power capacity was added in Europe than ever before.
energy world, september 2011, p.4
