As electricity prices continue to climb around the world, the market for renewable sources of energy is heating up and substantial investments are going toward innovative answers to problems such as climate change, says sustainable power provider green energy uk.
The last week alone saw several groundbreaking deals and developments in the sector. Research firm Bloomberg New Energy Finance revealed that global investment in clean energy reached $56.9 billion in the second quarter of 2012, a number 24 per cent above that of the first quarter of the year. China is leading the charge with $18.3 billion in funds earmarked for green projects, an investment of 92 per cent more than the previous quarter. Europe and the United States also saw an increase in second quarter funding for green energy, with investments rising 11 per cent and 18 per cent respectively.
These hefty investments were distributed across a wide variety of sustainable energy projects, namely a wind farm earmarked for $1.6 billion situated off the UK coast, and to others in the US and China at $800 million and $317 million respectively. China is developing major solar works with a $316 million plant within the country and negotiations are underway for a project worth $200 million in Jordan.
Even areas that have been struggling with the sluggish economy are making concerted efforts to fund green projects. The US state of California, which has been particularly hard hit by the economic downturn, recently awarded nearly $1.2 billion to clean energy research. Pioneering projects that have been allocated funds include a study of how climate patterns affect forecasting accuracy for hydropower generation and the development of cooling tower technology in buildings, wave-driven hydrokinetic energy, eco-routing navigation systems, and natural gas production from wet organic wastes.
Douglas Stewart, CEO of green energy uk, says: “It is an incredibly exciting time to be in the green energy industry. For all of us who have been toiling for years to bring clean power to the masses, now is our time to shine as the world starts truly recognising the need to address climate issues. Just last month, the chief executive of ExxonMobil finally stated that global warming from manmade sources is actually occurring. This was a huge step for an organisation that has been adamantly opposed to the concept as a whole.
“Every day I hear about another major deal, like the €8 billion agreement announced on Tuesday between National Grid UK and Element Power to deliver wind generated electricity to Britain. In addition to the rising prices of oil on a global scale, the UK in particular is facing an impending power shortfall as gas reserves diminish in the North Sea and conventional power stations deteriorate due to age. Now is the time to join us in embracing new solutions even beyond wind, water, and solar. For example, we’ve been developing the use of anaerobic digestion as an energy source and are closely watching the progress being made in kinetic energy harvesting and the collection of hydrogen using nanotechnology.”