Germany’s annual investment in renewable energy will be doubled to 28 billion euros (NZ$52.7 billion) by 2020, and the industry will become a main creator of jobs and an investment growth point, according to Xinhua news agency.
Citing the latest report from the German Association of Renewable Energy (BEE), the news agency says, German’s renewable energy industry would attract up to 235 billion euros in the next 10 years, and the green industry by 2020 would witness a fast-paced expansion in the sectors of electricity, heat and transport.
The study was done by consulting company Prognos AG.
Germany’s alternative energy sector is expected to create 500,000 new jobs in the next 10 years, most of which would be created by German companies and be needed outside the county, according to the report.
The BEE released another forecast earlier, saying that renewable energy power plant capacities in Germany would almost triple by 2020, and the average annual growth would be 9%.
The quantity of power produced from renewable energies in 2020 is expected to equal 47% of the gross electricity production and to “guarantee a secure and affordable power supply”, avoiding more than 200 million tonnes of carbon emissions, the forecast says.
Germany is considered one of the world leaders in developing renewable energy industry and ready to put green ideas and technologies into practice.
The Environmental Ministry reported in March that Germany last year produced 10.1% percent of its overall energy from renewable sources, such as wind, solar, biomass, geothermal and hydroelectric, up from 9.3% in 2008.