Global renewable energy market to grow 7-fold in next 5 years

09/04/2010 at 6:02 pm Leave a comment

SINGAPORE: The global renewable energy market is set to grow seven-fold to US$560 billion in the next five years due to government policies that promote investments in the renewable energy sector.

According to tax and advisory services firm KPMG, this will create opportunities for companies to enter this market.

SCygnus Power supplies wind turbines to commercial and industrial buildings.

The company said the technology harnesses exhaust produced by cooling systems, and converts it to electricity.

“I would say over the years of the 20 year lifetime you can expect 50 per cent savings on electricity,” said chief executive officer Ong Gin Keat. “In a shorter time frame, we would say that you can recover 10, 15 per cent easily over a year.”
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Cygnus Power said it sees potential in the South East Asian wind energy market, currently valued at US$400 million.

The company hopes to grow its market share by 20 per cent in the next three years.

Part of the plans includes tapping private equity funds through strategic partnerships with property developers.

According to a KPMG expert speaking on the sidelines of Eco World 2010, local companies active in the wind energy, solar power and biomass sector can expect investments from the private sector.

Meanwhile, governments are continuing to promote favourable renewable energy policies through their stimulus measures.

For instance, China has spent US$216 billion on green initiatives, the United States has forked out US$117 billion, while South Korea used US$31 billion.

“We know that from 2002 to 2007, before the global financial crisis, the renewable sector actually grew by 700 per cent,” said Sharad Somani, Executive Director, Global Infrastructure and Projects, KPMG.

“Last three years, it’s been down but our sense is that now that we’re more or less out of the GFC, going forward it will grow at a much faster pace than what we’ve seen in 2002 to 2007.”

KPMG experts said Asian companies now need to think about their carbon agenda and identify opportunities in technological innovation and solutions.

Local SMEs will also need green credentials when they venture into overseas markets.

Source: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1049065/1/.html

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Entry filed under: Green Finance, Renewable Energy.

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