Christopher Flavin, president of US-based think-tank Worldwatch, says the "action" on renewable energy is happening "at the national and state levels and in private industry where business is booming - 38 billion US dollars of investment in renewables in 2005, according to our estimate."
WindMany experts see wind power as the renewable source of energy with the greatest potential for growth and investment. Government and investor interest has increased significantly as wind has evolved into a more cost-effective mode of producing electricity. The Global Wind Energy Council reports that in 2005 alone, the total number of wind-produced megawatts (MW) produced on the global market increased by over 40 percent.
The wind sector stands to grow by leaps and bounds if global reliance on renewable energy continues its upward trajectory. Germany, currently a global leader in wind power production and consumption, produced roughly 26.5 billion kilowatt hours (kWh) of wind-generated electricity - the most of any form of renewable. This figure could dramatically increase in the coming years if the German government stays committed to reaching its goal of 20-25 percent reliance on renewables by 2010.
And that is only in Germany. Other countries, including Spain, India, and China are also embracing wind power on a large scale. Recognizing the opportunities of wind energy, industrial and financial giants, such as the Allianz Group, which made its first investment in a wind farm project in Sicily, Italy, in December 2005. Wind will play a central role in Allianz's plans to invest 300 to 500 million euros in renewables over the next five years.
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