Renewable energy represents a possible solution to two major global issues: global warmng and diminishing fossil fuel reserves.
This type of energy is sustainable and clean, generally emitting no or very little CO2, which in turn have led major countries to shift their focus to renewable energy sources.
Although renewable energy has great potential to boost the local economy, the most important challenge is that is more expensive than conventional fuels.
The government needs to provide support in the form of favorable policies and incentives in order to make renewable energy competitive.
As there is increasingly importance recognition, there are a number of governments who are launching regulatory frameworks, policies, and incentives to help develop the renewable energy sector.
What are the two most prominent support mechanisms used to drive the development of the renewable energy market?
There are also a number of incentives that are offered by major countries to promote renewable energy capacity building such as capital subsidies, grants, rebates, tax credits, tax exemptions, loans at reduced interest rates, net metering, Renewable Energy Certificates (RECs), and public competitive bidding.
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