Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Saudi delegation participates in the 7th U20 Deans Summit in Brazil    Al-Jubeir discusses with EU officials enhancing bilateral cooperation    GASTAT: Non-oil exports up 22.8% in September 2024    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Saudi Arabia allows licensed flour milling companies to export flour    Saudi Arabia joins international partnership initiative to boost hydrogen economy    Israeli drones kill two paramedics, injure four in southern Lebanon    Trump's new attorney general nominee sparks concerns over DOJ independence    Australia drops proposed laws to regulate social media misinformation    Six Palestinians killed in Israeli airstrikes on central Gaza    Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global renewables investment fell in 2012 on weak economy
Published in The Saudi Gazette on 13 - 06 - 2013

JEDDAH — Global investment in renewable energy fell last year for the first time since 2009 due to the effects of economic slowdown on US and European markets and a drop in solar technology costs, research showed Wednesday.
Renewables investment fell 12 percent to $244 billion last year, having hit a new high every year since 2004 - except in 2009 when the global financial crisis hit, said reports by the United Nations' Environment Program (UNEP) and Paris-based renewables policy organization REN21.
"The main reason for the decline in 2012 was investor concern over policies to support renewable energy in its longest-established markets, Europe and the US," UNEP said.
Last year, project developers, lenders and equity providers were unsure whether renewables subsidies would continue in countries such as the United States, Britain and Germany.
Several governments in Europe cut support for solar and wind projects as they implemented austerity measures in an economic slowdown.
Large-scale solar photovoltaic (PV) system costs also fell by around 40 percent, as excess capacity in the manufacturing chain squeezed selling prices and margins.
Last year's investment total, however, was still the second highest ever, six times the amount invested in 2004.
The total includes investments by venture capital and private equity funds, public markets, and through asset finance and mergers and acquisitions.
Investments in smart energy technologies such as smart grids, electric vehicles and power storage were not included.
Developing countries' investment, representing 46 percent of the world total, increased to a record $112 billion, while developed countries' investment fell 29 percent to $132 billion.
The geographical shift was fuelled by increasing demand for power in emerging markets and more favorable conditions and natural resources for wind, solar and geothermal technologies than in developed economies.
Total renewable power capacity rose 8.5 percent in 2012 to 1,470 gigawatts (GW). Wind power accounted for 39 percent of new renewable power capacity, followed by hydropower and solar PV, each accounting for around 26 percent.
Solar PV installations reached a record 30.5 GW last year, even though overall investment was down due to a fall in costs.
Installed wind capacity also hit a record 48.4 GW, up from 42.1 GW in 2011, but investment fell 10 percent due to the number of projects financed in 2011 and completed in 2012.
Meanwhile, Chevron Phillips Chemical Co., the petrochemical venture of US oil producers Chevron Corp. (CVX) and ConocoPhillips (COP), is exploring ways to expand in the Middle East, including building a new plant.
The US partnership would consider setting up a site on its own or in a joint venture, and the “entire” region is under consideration, Benny Mermans, head of Europe and Africa at Chevron Phillips Chemical's international operations, said in an interview at a petrochemical conference in Frankfurt.
The chemical company's owners are “very supportive” of growth plans, Mermans said. Woodlands, Texas-based Chevron Phillips, also known as CPChem, is already spending about $5 billion on a new ethylene plant, or cracker, and two factories making polyethylene in Baytown, Texas, to take advantage of cheap natural gas, which is used as a raw material as well as an energy source.
“Look at our ownership structure,” Mermans said. “We represent a fair share of their net income. By having that support, by creating margins, that provides us with a lot of legroom” for gaining resources for growth.
Chevron Phillips's operations in the Middle East include a venture in Saudi Arabia with Saudi Industrial Investment Group. – SG


Clic here to read the story from its source.