India’s growing renewable energy market

India’s growing renewable energy market

India and China’s growing economies are adding to the current global oil dependency as world oil demand is estimated to reach 90 million barrels per day (bpd) before the end of this decade. With current prices fluctuating in the $60’s and experts such as T Boon Pickens saying we could see $100 barrel, there is a global push and demand to seek alternative energy solutions.

India and China could see the high growth they are experiencing come to a significant slow down if oil prices are too high and no solutions are in place.

Technology to reduce the dependency on oil and gas needs to be implemented to find short-term and long-term solutions.

India is taking heed and now ranks fourth in the world for wind energy behind Germany, Spain and the United States. The country's monsoon winds, contribute to their current annual power production . The World Wind Energy Association (WWEA) sees India as a leader in Asian countries in the area of generating wind power. India, with overall capacity (4,430 MW) and additions (1,430 MW) is taking steps to deal with a pending energy crisis.

The world is listening to the voices of the winds as wind energy currently delivers worldwide 1 per cent of the global electricity generation.

China moved up from 10th position in 2004 (764 MW) to 8th in 2005 (1,260 MW), and with installations, has reached the sixth position worldwide. The Chinese Government adopted a renewable energy law in 2005 with the goal of strengthening its manufacturing industry so it can produce an increased number of turbines to meet its future demands. .

Global energy players are being asked to make progress in addressing a global-energy policy approach to secure energy efficiency and environmental protection.