The Renewable Energy Sector
The renewable energy sector as a whole has undergone tremendous growth in the last few years, and holds all the necessary conditions for this growth to continue in coming years :
- Energy is a universal basic need, for which demand will always continue to exist despite efforts on energy efficiency. Electricity is the fastest growing form of energy use.
- Within available energy sources, renewable energy is set to grow at above-average rate in coming years. Indeed, the global challenge of climate change has put the issue of greenhouse gases at the forefront of the political agenda. In the framework of the Kyoto protocol, many states, including European states, have committed to binding targets in emissions reduction, and have settled on renewable energy sources as a way to achieve these goals. This ensures a guaranteed market for renewable energy in the next decades.
- Finally, the increase in volatility in the price of oil and other fossil fuels has given a new meaning to security of supply, and stressed even more the need for energy mixes including more endogenous, local sources. This argument provides additional weight to energy policies favouring renewable sources in coming years, and reinforces environmental or efficiency-based objectives.