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Trend to renewable energy -a new world order in investment

Renewable energy finds many takers; vies with fossil fuel: Exim Bank Announcement Business Standard,  February 18, 2011The new world order in the age of energy security is projected to be renewable, shows a trend revealed by the Export Import Bank of India (Exim Bank) in its latest study. Renewable energy sources accounted for 47 per cent (140 GW) of the new capacity added to world’s grids (about 300 GW) during 2008 and 2009, says the study by Exim Bank. The total investment in renewable energy capacity generation in 2009 was US$ 150 billion, which was around 40 per cent of the annual investment in upstream oil and gas industry, which was a little over US$ 380 billion.

An analysis of the new renewable energy technologies (solar photovoltaic (PV), wind and biomass), indicates a clear shift in global preference towards these technologies. In terms of international trade, global exports of identified renewable energy supply related products amounted to US$ 284.8 billion, showing an average annual growth of 20.8 per cent during the 5-year period 2004-2008. As against this, India’s exports aggregated US$ 3.4 billion while imports were US$ 4.2 billion in 2008. Germany was India’s largest trading partner for the identified renewable goods and equipments in 2008 (two-way trade of US$ 1219 million), followed by China (US$ 1059 million).

The Exim Bank study views that renewable energy is being used as a primary instrument for achieving the twin objectives of energy sufficiency and climate change mitigation.

Renewable energy finds many takers; vies with fossil fuel: Exim Bank

February 19, 2011 - Posted by Christina Macpherson | India, renewable