Global wind power development: Economics and policies |
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| Affiliation: | 1. Development Research Group, The World Bank, 1818 H Street, NW, Washington, DC 20433, USA;2. Department of Economics, University of Victoria, PO Box 1700, Stn CSC, Victoria, BC, Canada V8W 2Y2;3. Department of Business and Management Science, Norwegian School of Economics, Helleveien 30, 5045 Bergen, Norway;1. IDEEL, Rond-Point de l’échangeur, Les Levées, 69360 Solaize, France;2. IFP Energies nouvelles, 1-4 avenue de Bois-Préau, 92852 Rueil-Malmaison Cedex, France;3. Montpellier SupAgro, 2 Place Pierre Viala, 34060 Montpellier, France;4. INRA UR0050, Laboratoire de Biotechnologie de l’Environnement, Avenue des Etangs, 11000 Narbonne, France;5. ELSA, Research Group for Environmental Life Cycle Sustainability Assessment, 2 Place Pierre Viala, 34060 Montpellier, France;6. BioEnTech, pépinière d’entreprises Innoveum, 74 av Paul Sabatier, 11100 Narbonne, France;7. INRIA BIOCORE, BP 93, 06902 Sophia Antipolis Cedex, France;1. Università degli Studi di Ferrara, Ferrara, Italy;2. Karlsruhe Institute of Technology, Karlsruhe, Germany;3. Kempten University of Applied Sciences Kempten, Germany;4. GE Global Research, Garching b. München, Germany;5. Universidad Nacional de Colombia, Bogotá, Colombia;1. Department of Mechanical Engineering, University of Bath, Claverton Down, Bath BA2 7AY, UK;2. Institute of Sustainable Energy and the Environment, University of Bath, Claverton Down, Bath BA2 7AY, UK;1. Acharya Nagarjuna University, Ongole, India;2. Department of Electrical & Computer Engineering, Texas Tech University, Lubbock, TX 79409, USA |
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| Abstract: | Existing literature indicates that theoretically, the earth's wind energy supply potential significantly exceeds global energy demand. Yet, only 2–3% of global electricity demand is currently derived from wind power despite 27% annual growth in wind generating capacity over the last 17 years. More than 95% of total current wind power capacity is installed in the developed countries plus China and India. Our analysis shows that the economic competitiveness of wind power varies at wider range across countries or locations. A climate change damage cost of US$20/tCO2 imposed to fossil fuels would make onshore wind competitive to all fossil fuels for power generation; however, the same would not happen to offshore wind, with few exceptions, even if the damage cost is increased to US$100/tCO2. To overcome a large number of technical, financial, institutional, market and other barriers to wind power, 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, climate change mitigation policies, such as the Clean Development Mechanism, have played a pivotal role in promoting wind power. Despite these policies, intermittency, the main technical constraint, could remain as the major challenge to the future growth of wind power. |
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| Keywords: | Wind energy Renewable energy technology Energy policy |
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