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Clean Energy Technologies and Climate Change Policies
Frost & Sullivan, May 2008, Pages: 72
Clean energy technologies have received considerable attention and investment for over the current years as a consequence of the rising energy demand and climate change problems. The success of renewable energy now hinges on the performance and successful demonstrations of their technologies.The present research service analyzed these technologies along with the revenues, unit shipment and output forecasts. Supported by identifying the drivers and restraints, as well as challenges, facing these markets.
Increasing Oil Imports and Volatility of Oil Prices Generating New Interest in Renewable Energy
Volatile oil prices and dwindling fossil fuel supplies are driving the growth of clean energy technologies in North America. Currently, the United States consumes over 20 million barrels of oil a day, of which 60 percent is imported. This rate of consumption is likely to threaten fossil fuel reserves in the long term. Furthermore, there is growing awareness of the urgent need to reduce air pollution and greenhouse gas emission. Hence, environmental concerns related to conventional electricity generation sources are becoming an increasingly important factor in the deployment of clean energy technologies.
However, clean energy projects require large initial investment and involve higher generation costs when compared to conventional source of electricity generation. 'Moreover, the viability of implementing clean energy technologies is linked to government funds and subsidies, which are considered necessary to achieve price reduction, high demand, and market competitiveness,' notes the analyst of this research service. 'Hence, reduction or elimination of government subsidies and economic incentives for clean energy technologies could reduce the competitiveness of renewal energy relative to conventional and non-solar renewable sources of energy.'
Government Incentives and Subsides Promote Interest in Renewable Energy
State and federal governments are providing incentives and subsidies to reduce clean energy costs and promote renewal system installations. Currently, Canada and almost all states in the United States have adopted renewable portfolio standards (RPS), Production Tax Credits (PTC), and other incentives, with the aim of increasing renewable energy production. The PTC was set to expire on December 31, 2007, but was extended through December 31, 2008. The PTC extension provides the 1.9 cent/kWh credit for wind, solar, geothermal, and bioenergy facilities, but reduces the tax credit for other technologies such as incremental hydropower, small irrigation systems, landfill gas, and municipal solid waste. Combined with the RPS, this provision has been a major driver for the adoption of clean energy technologies.
Overall, the North American governments are recognizing their responsibility and addressing climate change issues by promoting the technological development and deployment of renewable energies and providing incentives, regulations, public-private partnerships, and strong investment in new technologies. Although clean energy technologies only account for 7 percent of the total energy consumption in the United States, their market share is expected to increase over the forecast period. 'Going forward, Frost & Sullivan estimates the installed capacity of wind energy to reach 70,061.3 MW by 2014, becoming the clean technology with the highest capacity installed in the United Status,' says the analyst. 'That said, concentrating solar power is the fastest growing clean energy technology with an expected compound annual growth rate (CAGR) of 40.1 percent from 2007 to 2014.'
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