The Growth Of Renewable Energy

Developing the industry of renewable energy should not be only considered as merely a symbol of progress or innovation

. Rather, it should be treated an obligation that our world leaders must fulfill if we still want to have a world that is livable for us and the future generations.

Over the years, the search for reliable sources of clean energy has been met with criticism. But in the end, the environment is the one that suffers and the world may have realized that renewable energy is our only hope, which is apparent in the recent growth of the industry.

According to publishing firm Clean Edge, wind power, biofuels and solar photovoltaics (PV) markets grew 15.8 percent from 2008 to 2009 or $124.8 billion to $144.5 billion. If this trend continues, the firm estimates that growth could reach a whopping $343.4 billion within a decade.

More countries are expected to beef up their investments for green energy. In a report posted in the guardian.co.uk, China had the biggest clean energy investments among all countries in 2009. In fact, Chinas investments were a big factor in the record 37,500 MW total of wind power installations last year according to Clean Edge.

In the US, the government recently invested in further establishing the sources of clean energy in the country. President Barack Obama signed the American Recovery and Reinvestment Act of 2009 to use more than $70 billion in funding programs for renewable energy. The president hopes that clean energy in the country would be doubled in the next three years.

Just this year, Australia announced that it will provide a total of $588 million worth of funds to boost its own renewable energy industry. In a report posted in UPI.com, the fund will be used for wind and solar power projects and in encouraging households to reduce energy use. Australia is the biggest emitter of carbon in the world and the biggest exporter of coal.

As the industry grows, so does the revenue it produces. Clean Edge reports that solar photovoltaics, wind power, and biofuels earned as much as $115.9 billion in 2008, compared to $75.8 billion in 2007. In a research posted in worldwatch.org, the industry employs around 2.3 million people worldwide.

by: Betty Payne

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