Renewable Energy Overtakes Conventional Energy

At last, renewable energy growth has overtaken conventional energy growth in the US and in the EU – a strong indication that global energy markets are making a “fundamental transition” towards new energy technologies.  That was the message of the Renewables Global Status Report issued May 13th by French energy network REN21.

Here are the main points of the report, which we’ve bulleted to enhance readability:

Renewable Energy Sources

• In 2008, renewable energy sources were ultimately responsible for providing 16 per cent more of the world’s power capacity than in the previous year.
  
• As of the end of 2008, the number of nations with specific targets concerning renewable energy was approximately 73 – seven more than at the same time in 2007.
  
• 2008 saw greater corporate investment than ever take place into developing and implementing renewable energy technologies.

Worldwide Photovoltaic Use

• Worldwide photovoltaic use as a means of providing heat grew 15 per cent in 2008.  The country with the most significant photovoltaic capacity was Spain, which had 2.6 GW of solar facilities.  Notably, India rose up to become a major player in the photovoltaics field, potentially investing $18 billion into new developments.
  
• Worldwide production of biofuels grew 34 per cent in 2008

Worldwide Wind Power Capacity

• Worldwide wind power capacity increased 29 per cent to rest at 121 GW – twice its 2005 capacity.   In terms of individual nations exhibiting wind power capacity growth, China’s put on 50 per cent – the fifth consecutive time this has happened.

• Worldwide geothermal power capacity for 2008 exceeded the 10 GW mark, with the US at the forefront.  Over 75 nations are now using geothermal energy in some way, shape or form.

In terms of the effect that the global financial downturn had had on the development and implementation of renewable energy technologies, the picture was generally fairly positive.  Renewable energy fared better for much of the year than the majority of sectors, only dipping slightly in the closing months. 

In comments made in a statement released to coincide with the report, REN21’s chairman, Mohamed El-Ashry, commented:

“This fourth edition of REN21's renewable energy report comes in the midst of an historic and global economic crisis.

“Although the future is unclear, there is much in the report for optimism.”

He added: “By maintaining and expanding these policies, governments, industry and society will reap substantial economic and environmental rewards when the economic rebound requires energy markets to meet rapidly increasing demand.”