Power has been extracted for electricity from these natural resources for decades and offers many benefits. Sustainable power production, reduced carbon emissions, secure energy supply, cleaner air and water, and rural generation capabilities are a few of the potential attractions. However, favorable fiscal policy for the renewables sector is increasingly joining the list of altruistic reasons to engage in the renewables sector.
While bankers have been vilified as the cause of one of the largest financial disasters, the renewables sector has been seen as a white horse for many governments looking to emerge stronger. Despite economic downturn, investment continued in the renewables sector largely in part to government stimulus programs that focused on developing green economies. Around the world, governments have allocated more than USD430bn in fiscal stimulus to key climate change investment themes. China and the United States lead the way.
Climate change and sustainability issues continue to gain headlines, and the likelihood of costs being imposed on carbon dioxide emissions in developed countries has profoundly changed the economic outlook of renewable energy sources. Making the shift from fossil fuels to renewable energy is leading global governments, businesses, and consumers alike to examine all aspects of their environmental footprint and create strategies to become environ-mentally responsible and thrive in today’s economic climate.