MUNICH, June 21, 2013 /PRNewswire/ -- Hanergy Holding Group Ltd. ("Hanergy"), a global clean-energy power generation company and the world's largest thin-film PV company, today issued its first annual Global Renewable Energy Report at Intersolar Europe.
The Global Renewable Energy Report, which will from now on be published mid-year on an annual basis, provides a comprehensive overview of the renewable energy landscape, outlining patterns and trends in the industry and exploring effective measures to cope with climate change. The Report aims to make a substantive contribution to the global conversation on new energy development and the sustainable advancement of human society.
This report clearly demonstrates the increasing role that new energy is playing within the world's energy structure, with global investment in renewables reaching an impressive $268.7 billion in 2012. In spite of the global downturn in economic growth since 2008, investment in renewable energy increased at a compound annual growth rate of 19% between 2006 and 2012.
"Our research is showing that renewable energy, far from being a supplementary option, is already starting to become a genuine replacement for more traditional forms of energy across the globe," said Mr Hejun Li, chairman and CEO of Hanergy. "We estimate that by 2035, half the world's energy will be generated from renewable sources."
Among the countries that invested most heavily in renewable energy in 2012, China was a clear leader, investing a total of $67.7 billion in the sector, equal to 25 percent of total global investment. A large portion of China's investment went to the photovoltaic (PV) industry where, in spite of antidumping measures in the EU and the US, companies with core technologies continued to prosper.
Elsewhere, developed economies continued to commit investment to renewable energy resources: Germany, Italy and Japan have all pledged to phase out nuclear energy entirely, with Japan investing a full 75% more in renewables in 2012 than in the previous year.
Overall, the Report demonstrates that, while huge challenges remain, a future with renewable energy at its core is well within sight.
- Investment in renewable energy increased 11% year on year, contributing to a CAGR of 16% since 2006
- The price of renewable energy products fell significantly – solar module prices fell 25% during the year
- Global cumulative PV capacity reached a record high of 96.4GW, a 46% increase from 2011 and a tenfold increase from 2007
About Hanergy Holding Group Ltd.
Hanergy Holding Group Ltd. ("Hanergy") is a global clean-energy power generation company and the world's largest thin-film PV company and solutions provider. Hanergy engages in the integration of the entire photovoltaic industry chain, covering R&D, high-end equipment manufacturing, PV module production and the construction of photovoltaic power plants. Hanergy possesses industry-leading CIGS thin-film PV technology and has the world's largest production capacity of thin-film modules. To date, the company has entered into solar-power plant construction agreements with a combined capacity of approximately 10GW. Its business also covers hydropower and wind power. Headquartered in Beijing and with operations across China, the Asia Pacific, North America and Europe, Hanergy employs over 8,000 people.
SOURCE Hanergy Holding Group