- Category: Europe
25 Sep 2012
- Published on Tuesday, 25 September 2012 09:34
- Hits (2162)
In 2011, two-thirds of new photovoltaic installations across the globe, were in Europe, according to a recent report by the European Commission's Joint Research Center.
The European Union is considered as the leading region in terms of solar installations, accounting for over 70 percent of worldwide electricity generated from solar energy in 2011.
Last year saw an additional 18.5 gigawatts of P.V. capacity added to the regions existing installations for a cumulative capacity of 52 gigawatts.
For the past decade, the P.V. industry in Europe grew by an average of more than 40 percent annually, while production costs have dropped by about 60 percent.
Latest News - Business
- W.W.F. releases sustainable finance guide for banks
- Are green investments a wise choice?
- Why is green the new black: The advantages of an eco-friendly business
- Alstom to provide Austrian pumped-storage power station with equipment
- Green Business Tax Breaks: How becoming eco-friendly can pay off for your business
According to the J.R.C., the rapid expansion of the solar installations in Europe is part of the steps that the region is undertaking in able to hit its target to become 20 percent renewable energy dependent by 2020.
The countries in the E.U. that greatly contribute to the growth of the P.V. sector are Germany, Italy, Spain, the Czech Republic, France, Belgium and the United Kingdom.
After Europe, the most notable growth in annual production over the last five years could be observed in Asia, where China accounts for more than half of the global P.V. production.
Consequently, this country, known for its massive investment in P.V. manufacturing, is the “nation to beat” for Europe in the solar P.V. industry, suggested in the report.
The report also noted that – out of all the investments in renewable energy - solar power garnered the most investments for two consecutive years now. Solar power investments totaled 98.5 billion euros ($126 billion) worldwide, in which two thirds were in Europe.
“The P.V. technology and its deployment is a global business and considers that future generations of P.V. technologies could spring from international cooperation on eco-innovation, in partnership with Asia and the United States, “stressed the J.R.C.
Solar P.V. has become a vital part of the E.U.’s energy mix, generating two percent of the region’s demand – an amount that could power a country as big as Austria – and around four percent of peak demand. – C. Domingues