Global Market for Clean Technologies: Renewables are the Fastest-Growing Energy Source
October 27, 2009
The Energy Information Administration (EIA), an independent statistical agency within the Department of Energy (DOE), recently released the market estimate for a few key clean technologies. EIA based its analysis on a scenario derived by the International Energy Agency that could prevent the worst changes to world’s climate. EIA has found that renewables are the fastest-growing energy source, but fossil fuels still provide over 80% of marketed energy in 2030.
EIA found also that, globally, the cumulative investment in wind turbines and solar photovoltaic panels from now through 2030 could be $2.1 trillion and $1.5 trillion, respectively. When the starting gun sounded on the clean energy race, the United States stumbled.
China has already made its choice. China is spending about $9 billion a month on clean energy. It is also investing $44 billion by 2012 and $88 billion by 2020 in Ultra High Voltage transmission lines. These lines will allow China to transmit power from huge wind and solar farms far from its cities. While every country’s transmission needs are different, this is a clear sign of China’s commitment to developing renewable energy.
The United States, meanwhile, has fallen behind. The world’s largest turbine manufacturing company is headquartered in Denmark. 99 percent of the batteries that power America’s hybrid cars are made in Japan. US manufactured more than 40 percent of the world’s solar cells as recently as the mid 1990s; today, US produce just 7 percent.
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