U.S. President Barack Obama, in June unveiled a climate change action plan detailing how his administration intends
to take the lead on climate change, in the States and around the world. He also gave a speech concerning climate change
that saw solar stocks in the States rise.
While the US announces its ambitions, other countries are upping the game, with countries like Costa Rica currently at 90% renewable and the Philippines announcing
a goal of 100% renewable energy usage within a decade.
During President Obama’s first term, the US more than doubled generation of electricity from wind, solar, and geothermal sources. President Obama has now set a goal to double renewable electricity generation once again by 2020. Initiatives include a goal of 20 percent of federal power from renewable sources by 2020 and installing 100MW of renewable energy on federally subsidized homes.
In his speech Obama stated, ‘The U.S. will work with trading partners to launch negotiations at the World Trade Organization towards global free trade in environmental goods, including clean energy technologies such as solar.’
Tom M. Djokovich, CEO of XsunX, Inc., a company working to commercialize a new manufacturing process to produce low cost, high efficiency thin-film Copper Indium Gallium (di) Selenide (CIGS) thin film solar cells said, “The Federal government’s continued support for the reduction of greenhouse gases is good news at many levels of the energy industry. The driving force behind the American economy has been innovation and whether you are on the carbon or renewable side of the energy industry these types of mandates drive the entire energy industry to innovate. This is especially true for the renewable solar energy industry which is a hot bed of innovation with numerous small companies such as ours, XsunX Inc., working to deliver innovative new products and technologies. We view the government’s mandating industries to adopt and invest in more efficient and cleaner ways to produce and deliver energy as investments in long term energy security and the stability of our energy dependent economy.
“At XsunX we are seeing the blossoming of these types of mandates in other regions too. The Middle East, Africa, and Latin America are adopting diversified energy production mandates that are predicted to dive immense growth in the renewables sector over the next decade. We are excited to be part of this emerging next wave in global PV development and adoption.”
On the global front, aggressive goals were released from the Philippines. The Worldwatch Institute’s Climate and Energy Director, Alexander Ochs, met with the Climate Change Commission (CCC) and high-level representatives of the federal and provincial governments of the Philippines yesterday to lay the groundwork for a Sustainable Energy Roadmap for the archipelago nation, which aims to shift its current electricity system to 100 percent renewable energy within a decade.
“This country has an enormous opportunity to demonstrate how smart and integrated energy planning can be done in the 21st century,” said Ochs. “Any country in the world has great potential for at least one renewable resource, such as biomass, geothermal, hydro, ocean, solar or wind. The Philippines has them all, as well as the human resources, technological know-how, and political leadership necessary to make a low-emissions transition a reality within less than a generation.”
Costa Rica’s government, currently at 90% renewable is committed to becoming carbon neutral by 2021.
As the race for renewables picks up speed, the global solar market is shifting dramatically. According to a report in May from IHS Inc, Japan’s solar installations surged by a stunning 270 percent (in gigawatts (GW)) in the first quarter of 2013, positioning the country to surpass Germany to become the world’s largest photovoltaics (PV) market in terms of revenue this year.
For investors following solar stocks the take -away is that the market is global and changing, and they should not to react to just one piece of news, but look at the bigger picture.
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This article was first published on 10th July 2013