LONDON, UK, 13 February 2012 - US
government support for its renewable energy sector will continue to
attact investment and will cement America's status as one of the
largest producers of solar and wind power worldwide, according to a
new study by business intelligence specialist GlobalData.
The report notes that in recent years the US government has
invested considerably in its renewable energy agenda,
providing a supportive regulatory framework and financial
backing for the growth and development of renewable sources to
bolster energy security and independence, while addressing climate
change issues by reducing carbon emissions.
The growth of the renewable energy
sector in the US has been led by the state level Renewable
Portfolio Standard (RPS), combined with other tax incentives
and subsidies
GlobalData has found that one of the most significant
state-level support programs is the Renewable Portfolio Standard
(RES), which places an obligation on utilities to buy a certain
portion of their electricity from renewable sources within their
respective states.
The use of Renewable Energy Certificates (RECs), which form part
of the RES, has increased investment in renewable energy generation
by forcing utilities to obtain proof of investment to reach
specific mandates.
Production Tax Credits (PTCs) have proven themselves as another
successful policy instrument in encouraging the development of the
US renewable energy sector.
Other incentives, such as business and residential tax credits,
loans, grants and accelerated depreciation provisions, have also
provided support. In addition to these federal policies, different
state governments also offer various state-level policies and
incentives for the promotion of renewable energy, including feed-in
tariffs schemes.
The required policy support for US renewables has been
facilitated by the passing of the American Recovery and
Reinvestment Act (ARRA), which awarded more than US$80 billion for
renewable energy and energy efficiency projects.
The US renewable energy industry has thrived under these
policies and regulations, with some US states planning to exceed
the RPS targets by generating 10% of their total electricity from
renewable energy by 2012 and 25% by 2025.
The U.S. analysis is part of a larger report by Globaldata
entitled North and South America Renewable Energy Policy
Handbook 2011, details of which are available on
line.
Clean technology represents a diverse range of products designed
to greatly reduce or eliminate negative ecological impacts and
promote the responsible use of natural resources. At GLOBE
2012, taking place in Vancouver, Canada
March 14-16, 2012, a distinguished panel of
experts will explore the financial fimensions of clean energy
technology development, from early stage through to
commercialization, and will explore some of the biggest emerging
opportunities in the clean technology sector.
Confirmed Participants:
Sheeraz Haji, CEO, Cleantech Group,
USA (Moderator)
Sally Gutierrez, Director of Environmental
Technology Innovation Cluster, US Environmental Protection Agency,
USA ,
Check
here for more information on GLOBE 2012