Alternative Energy Leads Green Gold Rush!
Posted in Energy Economy | Energy Industry | Energy Politics
We all are familiar with the current scenario of the conventional sources of energy. Oil prices are rising and sources of conventional energy are depleting fast. They are not going to last forever. Conventional energy sources come with heinous side effects. We are paying dearly for playing with the eco-balance and situation will not improve with a magic wand. These circumstances are forcing the humankind to look for alternative sources of energy. Common people and companies are looking for alternative sources of energy for fulfilling their needs that don’t leave a heavy carbon footprint for the present and future generations. We can derive non conventional energy from wind, water, sun or earth (geothermal). Currently wind energy is emerging as the most popular non conventional source of energy.
According to a United Nations study, investment in green energy registered record highs in 2007 thus generating a “green energy gold rush.” The wind power is the highest sought after substitute. It clearly indicates the shift in world’s energy infrastructure. “Just as thousands were drawn to California and the Klondike in the late 1800s, the green energy gold rush is attracting legions of modern day prospectors in all parts of the globe,” said Achim Steiner, head of the United Nations Environment Program.
The UN report states that more than $148.0 billion was invested globally in renewable energy sector in 2007. This is 60% more than the year 2006. The report said that wind energy attracted the most investment with $50.2 billion in 2007 – good news for wind energy companies.
Investors are taking keen interest in the alternative energy sector. It has reached a new high last year (2007). The alternative energy sector hasn’t remained immune to the global slowdown though.
Investment wise, Europe is leading into the alternative energy sector, followed by the United States. But, China, India and Brazil are attracting investors’ interest, because their share of new investment growing to 22.0%, or $26.0 billion, in 2007, up from 12.0%, or $1.8 billion, in 2004.
