$100 Billion Strong, and Growing

By Nick Hodge

For the first time, global investment in renewable energy investments will spill over $100 billion in 2007, according to a report released over the weekend at the Bali Climate Conference.

Investments in wind power led the way, surpassing hydropower, which, more times than not, isn’t considered a renewable energy source anyway.

Also in 2007, electricity produced from renewable resources grew to 240 gigawatts (GW)--excluding hydropower--and accounted for about 6% of worldwide capacity. That’s a significant amount, considering renewables accounted for just 2.1% of global electricity in 2004--a growth of over 185%!

The wind industry has seen about 30% annual growth since the beginning of the millennium and now accounts for 93 GW of electricity--a 114% explosion since producing just 7.5 GW in 1997.

And according to the Renewable Energy Policy Network, the authors of the report, "The share [of renewables] is increasing."

"We keep saying it can't keep growing at this rate but it continues," Steve Sawyer, head of the Global Wind Energy Council, said after the report was released.

The report also said, "Policies to promote renewable energy have mushroomed over the past few years."

That’s all well and good, but I assume they’re referring to the global marketplace with that statement. Here in the states, there’s been much debate about global warming and the possible routes we can take to overcome it.

And as Green Chip has been touting--and proving--for years now, the financial and environmental benefits of renewables are not contingent upon legislation. Sure, some states have stepped up and mandated the increased use of renewables with renewable portfolio standards (RPS) and there are some incentives for solar panel installation.

But the nation as a whole has moved with sloth-like speed to curb emissions and lessen our dependence on foreign oil. A perfect example of that is occurring this very instant, as Republicans ramp up their efforts to filibuster an energy bill that would be a New Testament for renewable energy.

Not to worry. Companies are now jumping on the renewable bandwagon at breakneck pace. In fact, BBC reported today that there is "a growing number that will look at the climate crisis as an opportunity." Not only is that the stuff we love to hear, but it’s also the stuff we’ve been telling you is happening.

That same BBC article chronicled billionaire and clean-tech investment magnate Vinod Khosla’s opinion of the matter. It went like this:

"The challenge facing the world will be to favor cleaner technologies and increase the cost on fossil technology. Alternative technologies, such as bio-fuels, could thus become the favored choice based on economic considerations, that is lower costs, rather than on green credentials such as lower carbon emission. We are well on our way to developing such technology and I hope in three years we won't be even debating this issue."

Beautiful.

The article also echoed Green Chip’s mantra of ‘crisis equals opportunity’ and said that many corporations are now taking the same stance--looking to make money while helping the environment.

Google, as you may know, is a leader in this category. According to BBC, at Google’s Mountain View Headquarters in Silicon Valley "There are more bicycles than cars, casually dressed executives use bikes to traverse the huge campus, carpet and sofas are made without PVC, paints without volatile organic compounds, and cafeteria food bought from local growers."

They also have a 1.6 megawatts (MW) solar array covering the roofs of eight of their buildings. Robyn Beavers, one of Google’s senior managers, says the solar panels can generate enough power to meet 30% of the energy needs at their headquarters.

And, not too long ago, I wrote a Wealth Daily article about Google’s Renewable Energy Cheaper than Coal initiative, whereby Google will spend hundreds of millions of dollars to help renewable sources of energy reach price parity with traditional ones, mainly coal.

So today and tomorrow I’ll be at the greenXchange Global Marketplace Conference, where Ms. Beavers will be speaking. And not only will I learn about Google’s initiatives and clean energy practices, but also about other ways for our Green Chip subscribers to profit from this revolution.

In addition to Google execs, the star-studded list of speakers includes Mayor of Los Angeles Antonio Villaraigosa, New Mexico Governor and presidential hopeful Bill Richardson and Davis Guggenheim, Director and Producer of An Inconvenient Truth.

But in order to get the goods I unearth at the conference you have to be a Green Chip subscriber. You can do that by clicking here.

The nominal fee to join can more than be recouped with gains from just one of our winning recommendations.

I do hope you decide to become a member because, as Vinod Khosla said, "Those who take steps now will shine."

Until next time,

Nick