Product Code: IT005-000199
Fossil fuels have played a very important role in meeting the growing global energy demand. However, there has to be a massive shift toward sustainable generation if global emissions targets are to be met. Additionally, the rising price of oil and fears over energy security have forced most governments to frame policies to encourage investment in renewables.
- Fossil fuels currently form a major part of the global energy mix, while renewable energy sources only account for a small part. The proportion of renewable energy is expected to increase gradually in the energy mix due to increasing number of regulations related to climate change and support measures implemented by different governments around the world.
- Provides detail of the factors stimulating global renewables investment.
- Provides detail of different mechanisms supporting the development of renewable energy sources in different countries.
- What are the different types of renewable energy legislation implemented in different countries?
- What are the barriers to the development of renewable energy?
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Table of Contents
- Ovum view
- Key messages
- GROWING CLIMATE CHANGE CONCERNS AND RESOURCE SCARCITY DRIVE THE NEED TO
- Many factors stimulate global renewables investment
- Reduction of carbon and other GHG emissions
- Energy security
- Sustainable development
- Growth of renewable energy in major countries
- RENEWABLE ENERGY DEVELOPMENT PROJECTS ARE NOW ON THE AGENDAS OF MANY
- Support schemes to promote renewable energy
- Regulatory policies
- Quota obligations
- Net metering
- Tradable Renewable Energy Certificates
- Mandates for transportation fuel
- Financial incentives
- Capital subsidies, grants, or rebates
- Tax incentives
- Energy production payment
- Public financing
- Public investment, loans, or grants
- Public competitive bidding
- Barriers to the development of renewable energy
- Industry infrastructure
- Inadequate infrastructure
- The intermittent nature of renewable energy
- The lack of skills and information
- Government and regulatory
- Inadequate policy frameworks for IPPs
- The lack of uniform interconnection standards
- Unfavorable pricing policies
- Subsidies for fossil fuel and nuclear energy
- The high initial cost of implementation and the lack of access to
- Recommendations for enterprises
- Invest in renewables and energy efficiency for sustainable development
- Develop in-house training programs to improve skills
- Use analytics to evaluate renewable energy projects
- Modernize grid infrastructure to integrate renewable resources
- Recommendations for vendors
- Help customers understand the benefits of their solutions
- Engage with industry groups and regulators to develop appropriate
- Provide automation solutions
- Further reading
- Ovum Consulting
- Figure 1: Growth of renewable energy in major countries in 2010 and 2011