Renewable energy, especially solar and wind power will play an important role in the future energy mix and make a major contribution to the overall world economic growth. McKinsey estimated that the Solar and wind power could represent 15 to 16 percent of global electricity generation in 2025. The incremental economic impact of this growth could be $165 billion to $275 billion annually by 2025. Of this, $145 billion to $155 billion could be the direct value added to the world economy from this power, less the cost of subsidies. The remaining $20 billion to $120 billion per year reflects the possible value of the reduction in CO 2 emissions (McKinsey, May 2013). Several international companies have taken advantage of this opportunity. One such a company is Vogt solar. Vogt Solar is a company involved in building solar farms the UK. The solar farms typically generate around five MWp enough clean energy to power approximately 1,200 homes, with a CO 2 saving of around 500 g/kWh or CO 2 saving of 55,000 tons over the 25-year lifetime.
1. Compare the growth of the renewable energy between the United States and Europe? What are some of the similarities and differences? Why?
2. Research other forms of renewable energy. What innovation is occurring in other sectors of the renewable energy industry?
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