Hanery Holding Group, a thin-film PV company, has issued its first annual Global Renewable Energy Report. The report provides a comprehensive overview of the renewable energy landscape, outlining patterns and trends in the industry and exploring effective measures to cope with climate change.
Hanery says the report clearly demonstrates the increasing role that new energy is playing within the world’s energy structure, with global investment in renewables reaching an impressive $268.7 billion in 2012. In spite of the global downturn in economic growth since 2008, investment in renewable energy increased at a compound annual growth rate of 19 percent between 2006 and 2012.
“Our research is showing that renewable energy, far from being a supplementary option, is already starting to become a genuine replacement for more traditional forms of energy across the globe, “said Hejun Li, chairman and CEO of Hanergy. “We estimate that by 2035, half the world’s energy will be generated from renewable sources.”
China was a clear leader in investments in 2012 totaling $67.7 billion, equal to 25 percent of total global investment. A large portion of China’s investment went to the photovoltaic (PV) industry where, in spite of EU and U.S. anti-dumping measures, companies with core technologies continued to prosper.
Elsewhere, developed economies continued to commit to investment to renewable energy resources. German, Italy and Japan have pledged to phase-out nuclear energy, and Japan invested 75 percent more in renewables in 2012 than in the 2011. Overall, Hanery says the report demonstrates that while huge challenges remain, a future with renewable energy at its core is well within sight.