Wind Power Development: Opportunities and Challenges
AbstractIn this study, the prospects of wind power at the global level are reviewed. Existing studies indicate that the earth’s wind energy supply potential significantly exceeds global energy demand. Yet, only 1% of the global electricity demand is currently derived from wind power despite 40% annual growth in wind generating capacity over the last 25 years. More than 98% of total current wind power capacity is installed in the developed countries plus China and India. Existing studies estimate that wind power could supply 7% to 34% of global electricity needs by 2050. Wind power faces a large number of technical, financial, institutional, market and other barriers. To overcome these, many countries have employed various policy instruments, including capital subsidies, tax incentives, tradable energy certificates, feed-in tariffs, grid access guarantees and mandatory standards. Besides these policies, climate change mitigation initiatives resulting from the Kyoto Protocol (e.g., CO2-emission reduction targets in developed, the Clean Development Mechanism in developing countries) have played a pivotal role in promoting wind power.
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Bibliographic InfoPaper provided by University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group in its series Working Papers with number 2008-13.
Length: 53 pages
Date of creation: Nov 2008
Date of revision:
wind energy; renewable energy; electricity grids;
Find related papers by JEL classification:
- Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
- Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
- Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-12-07 (All new papers)
- NEP-CWA-2008-12-07 (Central & Western Asia)
- NEP-ENE-2008-12-07 (Energy Economics)
- NEP-ENV-2008-12-07 (Environmental Economics)
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