Banks will have to supply 2 per cent of Europe’s GDP, or €2.9 trillion, to meet consumer demand for projects and technologies that tackle climate change, according to a new report from Barclays and Accenture.
The report took what it calculated to be the likely level of demand for things such as wind farms, energy efficiency measures and electric vehicles and estimated how much capital would be needed to fund these.
In a way, this looks like good news: demand is likely to be so high that it could provide a real opportunity for the banks. Rupesh Madlani, head of European renewables and cleantech equity research, told Energy Source: “There is a lot for the banks to play for here.”
While the rest of the climate-change world went to Cancun to watch the UN just about rescue its process, a team of intrepid HSBC researchers travelled to China, from where they returned with bullish news on clean energy.
In a mammoth report entitled Low-carbon China, the team found that the country was on track to outstrip its own targets on clean technology by a long way. This chart below shows the bank’s forecasts for solar and wind for 2015 and 2020 at around 50 per cent and 65 per cent above official targets.
The boss of the world’s biggest wind turbine manufacturer, Vestas, has warned that the wind energy sector in Europe remains fairly stagnant, in remarks that deal a blow to governments’ hopes of constructing new industries around renewable technologies.
Answering Energy Source readers’ questions, Ditlev Engel warned of a “lack of momentum in Europe”. He said:
We have, so to speak been holding our breath for a very, very long time in this region – and not by accident.
But today, when almost all countries in the area are struggling to get their economies back together, we must face the fact that uncertainty – even by 2011 – will remain significant around Europe.
Ditlev Engel - Photo courtesy of Vestas
Many thanks for all your questions for Sara Vaughan, Eon UK’s head of regulation and energy policy. Her answers will appear on this site on Friday.
Next week, the executive facing a grilling by Energy Source readers will be Ditlev Engel, chief executive of Vestas, the world’s biggest maker of wind turbines.
This is your chance to ask Engel about Vestas’ role in building Thanet, the world’s largest offshore wind farm, or perhaps about why the company is cutting 3,000 jobs when governments across Europe are stating their commitment to wind power.
Email all your questions to email@example.com by this Friday, November 26th.
With just over a fortnight to go before climate talks start again in Cancun, a new report warns that the renewables share in final energy consumption will be “very difficult to meet”.
Despite growth by renewable energies generation in 2009 (15 per cent for wind and 53 per cent in solar photovoltaics) the 20 per cent target is a “very challenging target”, according to a report published today by Capgemini, the consultancy.
It has been a busy week for wind energy.
First came the good news – a massive investment in offshore wind in the UK. Although the UK leads the world in offshore wind generation, that is mainly because so little of it has been built anywhere. But a vote of confidence in the UK’s prospects came from three wind turbine manufacturers who announced on Monday they would set up shop on the UK’s north-east and eastern coasts.
General Electric, Siemens and Gamesa are arriving, with more than £300m in investment promised and the creation of an estimated 3,000 jobs. (That is direct jobs – more will follow along the supply chain.)
The FT’s Lex published a column on Wednesday on wind power in the US:
Much like the wind itself, the business of harnessing its power comes and goes in great gusts. The US is now in one of the painfully quiet periods – wind power installations in the first half of the year were down 71 per cent versus a year ago and 57 per cent from the same period in 2008 with further declines expected next year – but it has become an opportune time to go green for big, dirty utilities.
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On a recent visit to Drax, the biggest coal-fired power station in the UK, I was struck by the cluster of 12 wind turbines that have sprung up just beside the water-vapour belching cooling towers.
Picture by Press Association
The wind turbines do not belong to Drax – the company prefers to lower its emissions using biomass – but make a striking picture, situated so close to the coal plant.
The local people hate them.
You might have thought that people who have lived for decades with an enormous coal-burning power plant in their backyard would think nothing of a few little turning blades. No so. The wind developers faced a barrage of local opposition to their plans.
“You wouldn’t want those on your doorstep,” one local man said. “They’re an eyesore.”