Prior to the economic downturn, solar and wind power technologies used to enjoy double-digit market growth. With the recent financial hiccups, their market penetration has slowed down. Despite the global slowdown and the uncertainties surrounding climate change negotiations, however, a recent report by the EurObserv'ER affirms that the renewable energy industry is growing in terms of employment, turnover and investment. Renewable energy-based economic activity in Europe was estimated at a staggering $166 billion last year (compared with around $155 billion in 2010). The report said in 2010 the renewable energy share (RES) accounts for 12.4 percent of overall gross final energy consumption, as against 11.5 percent in 2009, which amounts to a 0.9-point year-on-year increase compared to 2009. Gross consumption of final energy from renewable sources increased by 10.2 percent from 2009 to 2010 The 2009-2010 growth of the renewable energy share of overall gross final energy consumption is related to a bigger gross consumption of final energy from renewable sources: 145 Mtoe (against 131.6 Mtoe in 2009) for a gross final energy consumption of 1170.7 Mtoe (against 1146.3 Mtoe in 2009). From 2009 to 2010, gross consumption of final energy from renewable sources increased by 10.2 percent (+ 13.4 Mtoe), as against to a 2.1 percent increase (+ 24.4 Mtoe) of the overall gross final energy consumption. Renewable energy has now started to compete with conventional power sources, without the need for government aid. Unsubsidized solar power is already competing with fossil fuels in India, Spain, Italy and Hawaii. In an article published in Gulf Times, Dr Yasser Al-Saleh, a senior research fellow at INSEAD Innovation and Policy Initiative in Abu Dhabi, said the recent surge in oil prices gives the Gulf region a golden opportunity to become a global leader in the renewable energy arena. The Saudi government recently said that it will invest over $140 billion over the next 20 years on nuclear and renewable energy projects in the Kingdom. He said renewables should be considered as complementary as opposed to alternative sources of energy. "After all, supporting the local renewable energy agenda will not only help in freeing more oil for export purposes but will also stretch the lifetime of the region's most precious export," he added. Important pro-renewables efforts are already being made by the International Renewable Energy Agency, whose headquarters will soon be located at the green Masdar City in Abu Dhabi. The World Future Energy Summit was successfully held in the Emirate for the fifth year running in January 2012. A few days prior to this event, the Dubai government unveiled a $3.2 billion investment plan to develop the region's largest solar power plant.
