Renewable energy is coming of age in a new world order of energy generation and in order to take advantage of green power’s rapid ascension, financial markets need to be armed with the latest accurate information.
To this end, the International Energy Agency (IEA) has announced it will acknowledge renewable energy as the fastest growing sector of the energy mix and publish annual medium-term reports that analyse the market with renewable energy placed alongside oil, gas and coal; which the IEA already reports on.
"With this report," says the IEA, "renewable energy takes its rightful seat at the table alongside the other major energy sources."
The "Medium-Term Renewable Energy Market Report" report will examine forecasts in the renewable sector up to 2017. The IEA believes it will provide an important benchmark to policymakers and the wider market for measuring developments of renewable energy over the five-year report period.
It has three primary objectives:
– Address the current state of play of renewable energy;
– Assess the main drivers and barriers to deployment at country level; and
– Produce medium-term renewable energy projections through 2017.
The rapid rise of a healthy renewable energy marketplace coupled with a drop in set-up costs of renewable projects has meant the renewable energy industry must be taken as seriously as fossil fuels.
According to IEA Executive Director Maria van der Hoeven, "A portfolio of renewable energy technologies is becoming competitive in an increasing range of circumstances and countries."
The report will contain market analysis at a country level, assessing the outlook for renewable energy technologies and their associated manufacturing in each case, and an examination of global renewable energy finance.
In-depth country analysis is being undertaken of key markets and technology-specific drivers and barriers that could include economic issues such as costs compared with fossil fuels and non-economic issues; including government policies.
The report is due for release in July 2012.
