Despite the worldwide economic challenges and the effects of the pandemic, the field of renewable energies is about to enter a new decade as progressive regulations are implemented and European funds of € 750 billion are made available, which strive to reduce global carbon emissions and thus boost the market for environmentally friendly technologies.
In Germany, the federal parliament has passed a law for increased prices for fuel, heating oil and natural gas which will come into force in 2021. The aim is to make fuels and combustibles less attractive and thereby drawing the people's but also especially the industry's attention towards alternative energy resources. Under pressure from the Green party, the new CO2 price per ton is fixed on € 25 - higher than the initially set price by the Coalition fractions.
At European level, with the passing of the Green Recovery Package, the EU commission has planned to invest € 750 billion, with a big part of it to be provided to large coal-producing countries changing to green and sustainable industry.
The solar thermal industry seized the chance and launched a call to policy makers in the EU Member States to start quickly with concrete measures for implementation. The call was signed by 150 companies and organizations committing to a catalogue of environmental support measures - Industrial Solar being one of the signatories.
But the boost and the promotion of renewable energies is also taken seriously worldwide. In the MENA region for example, organizations, corporations, and governments are planning to invest into Photovoltaic and Concentrated Solar Power (CSP) large-scale facilities. According to a new report by Frost & Sullivan, Solar PV, CSP and wind are to generate $ 182 billion of investment in Middle East renewables by 2025, and Oman is planning to build 1 GW of solar power capacity at the Duqm Industrial Park over the next 5-10 years.
All in all, the prospect of the market development of renewable energy systems is extremely promising, and if all the projects and resolutions are realized according to plan, this sector is going to experience an enormous uplift.