Since the beginning of the 2000s, the development of renewable energy has been quite impressive. Energy production from renewable sources like sun power and wind power grew worldwide as investments increased yearly.
Renewable energy types like solar and wind power have gained considerable momentum both in the developed and in the developing world.
Much of this forward movement happened in Western and Northern Europe and in the United States. Spain, Germany, and Denmark are among the leading European countries that have increased renewable energy grants for both research and development. As a result, German scientists from the University of Kassel predict that it is very probable that Germany can produce electricity solely from renewable energy in the near future.
In the United States, the surge in the global warming movement has also brought more attention from the government and the business community to the potential of renewable energy development.
The prospects of more technology being developed to make renewable energy more cost efficient has attracted huge amounts of venture capital investment in the past years. In 2009 alone, venture capital investments in clean energy totaled $836.1 million, which is more than the amount invested annually in the past years in the clean tech sector. Considering the current economic conditions, these numbers show that this sector is becoming a target of venture capitalists, which means that high returns on these investments will result an increase in the development of clean sustainable energies.
Renewable energy business development brings the promise of cost efficient clean energy not only in developed countries, but also in developing countries. The examples of Mexico, India and Brazil point out how solar systems and renewable energy in general has the potential to build micro scale energy efficiency and improve the living conditions of the developing world.