According to the a report published by leading consultancy firm Deloitte on Renewable Energy, the global investments in Renewable Energy Sector will be facing a short term sluggishness.
Under the said report titled as "Alternative Thinking 2013 Renewable Energy under the Microscope" Deloitte has done a through analysis of various countries and according to the same, the global trend in the investments in Renewable Energy sector is showing sign of decline owing to the global economic slowdown.
As per the Report, the causes of this slowdown in India are:
- Lack of implementation of Renewable Purchase Obligation (RPO) by the distribution utilities and other Obligated Entities.
- Removal of Accelerated Depreciation and lack of clarity regarding generation based incentive,
However, the report noted that the prospects for global renewable energy industry would be attractive in the long term as around 118 countries have renewable energy targets in place and the demand for clean energy is also on the rise.
Further during the long term, the Renewable Energy sector is perceived to be more attractive owing to improvement in the technology and decline of costs.
As a sign of this, fossil fuels received almost twice the amount of government funded support than the total amount of public and private sector investment in renewable energy in 2012. This equates to a total of USD 523 billion in subsidies provided worldwide, in contrast to the USD 269 billion of total investment in renewable energy in 2012.
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