MASSIVE GROWTH PREDICTED FOR RENEWABLE ENERGY MARKET BY 2020

Environment Articles | September 10, 2010

The Renewable Energy Association (REA) has hailed the start made by the feed-in tariff scheme which allows private individuals to sell the electricity they generate through renewable sources back to their energy supplier.

According to the organisation’s technical director Stuart Pocock, the REA has observed a steady growth in the renewable energy market since the scheme started on April 1st 2010 and now even local authorities could get in on the act.

The news comes hot on the heels of a report by analysts at global finance giant HSBC, who have forecast the low carbon economy, which includes renewable energy, to treble to $2.2 trillion worldwide by 2020, amid fears of global scarcity of resources and a more general acceptance of climate change.

Renewable energy currently holds the largest share of the low carbon market which also includes things like energy saving products and services like house insulation and electric cars.

Revenues from renewable energy were forecast to increase by 9.4% annually to a market size of $500 billion worldwide by the year 2020 in the HSBC report released in September 2010.

The future of growth in the renewable energy sector in the UK will be driven by tough commitments on emissions, efficiency and renewable energy by the countries of the European Union, with the USA lagging behind, according to the report.

The UK Government has recently changed its rules on renewable energy to potentially allow local authorities to sell any electricity they may generate from renewable sources.

Hampshire County Council is just one local authority which has expressed interest in introducing such a scheme.

In urban areas the trend of embracing renewable energy is also noticeable, with solar panels appearing on rooftops across London.

Clinton Foakes who runs a west London-based building firm, which operates in largely upmarket areas like Kensington and Chelsea, said that he had noticed a large increase in customers asking about renewable energy options.

“We are specialists in Solar Panel Installation and it accounts for a large chunk of what we do in the low-carbon and renewable energy market.” He said.

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Article Tags: Renewable Energy Market, Renewable Energy, Energy Market

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