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Global renewable energy sector to grow

More solar power and wind power installations are likely to be built over the coming years as investment levels in the renewable energy sector increase over the next decade, a United Nations report has said.

Investment in global renewable energy is likely to increase from $1.4 trillion in 2010 to $5.1tn in 2020, the report said. This, combined with the reduced cost of solar installations, wind turbines and other such technologies, is likely to see the number of environmentally friendly building projects rise in the near future.

Currently almost 13 per cent of the world’s energy needs are met through renewable resources, but this figure is likely to climb significantly over the next few years as a consequence of the increased investment.

The global wind market is predicted to experience a year of growth in 2011 with more than 40 GW of new wind power capacity, a report by the Global Wind Energy Council claims. It also adds that global installed wind power capacity will increase from 194.4 GW, recorded at the end of 2010, to 450 GW in 2015.

America’s wind power industry is seeing a sharp rise in the number of wind power installations it has planned. Around 1,100 MW of new capacity was installed in the country in the first quarter of 2011 while there are 5,600 MW currently under construction in the second quarter of the year, according to the American Wind Energy Association.