BERLIN and STUTTGART, Germany, April 27 /PRNewswire-Asia/ -- A new McKinsey study confirms the feasibility of electricity from 100 percent renewable energy sources in Europe by 2050. Germany's industry is an optimal hub to reach this market. The country's experienced workforce and dense network of manufacturers, suppliers, and researchers already helps companies from across the globe to succeed in the European market. Germany Trade & Invest will have representatives at this year's Photon Expo in Stuttgart, Germany, from April 27 - 29 to support companies looking to establish a business in Germany.
Germany has one of the largest markets for renewable energies in the world, which continues to grow. In 2009, electricity from renewable sources increased to 16.1 percent of the total share. The attractive domestic market as well as access to growing markets in Eastern and Western Europe makes Germany an ideal business location for international players in renewable energies.
The photovoltaic market continues to set the bar for Europe and the world. With new photovoltaic installations in 2009 exceeding 3.8 GW, Germany accounted for more than half of the world's solar market for the year. Despite this growth, the market is nowhere near saturation. Only 2 percent of rooftops suitable for solar modules are currently covered, leaving ample market opportunities.
This year marks the ten-year anniversary of the landmark Renewable Energies Act (EEG), which continues to act as the driver for the German market. The proposed restructuring of the photovoltaic feed-in tariff of the EEG in the coming months will likely continue to foster the development of the rooftop market, which caters to private users who overwhelmingly prefer high-quality systems. This preference will ensure the continued demand for high-quality photovoltaics.
The new feasibility study, conducted by McKinsey and published by the European Climate Foundation, was commissioned to examine the feasibility of achieving the European Union goal of an 80 percent greenhouse gas reduction by 2050 compared to 1990 levels. The study found that 100 percent renewable energy is not only feasible, but can also be reliable and economically priced. Many of the largest utilities and conventional energy providers in Europe took part in the study as well.
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities to the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
