Market Research Report
Europe Renewable Energy Policy Handbook 2017
|Published by||GlobalData||Product code||239376|
|Published||Content info||227 Pages
Renewable energy represents a possible solution to two major global issues: global warming and diminishing fossil fuel reserves. It is sustainable and clean, generally emitting no or very little carbon dioxide and these factors have led major countries to shift their focus toward the development of renewable energy policy. Renewable energy has the potential to boost the global economy. However, the most important challenge in the deployment of renewable energy is that it is more expensive than conventional fuels. In order to make renewable energy competitive, it is necessary for governments to provide support in the form of favorable policies and incentives.
Europe is the region with the most number of countries actively promoting the development of renewable power capacity. All European Union (EU) member countries have targets designated by the EU in order for the EU to comply with international emission norms. To achieve this, each country has its own National renewable Energy Action Plan (NREAP) which, among other things, includes a target to increase renewable energy generation in order to reduce emissions.
Feed-in Tariffs (FITs), tax incentives, and grants are the most common supportive measures used in the region to promote the uptake of renewable energy. Eighteen of the twenty six countries have both tax exemption and grants for renewable energy. Grants are given at different levels of the value chain to promote growth with research, development, and demonstration projects being the most likely recipients, as these are the most risky and hence deemed more deserving.
FITs have played a major role in developing renewable energy in Europe. This is evident from the case of Spain where renewable energy installations skyrocketed during 2007-2008, due to the introduction of a very generous FIT in early 2007. Once the government realized the unsustainable nature of the tariffs and reduced them, the installation dramatically fell to almost zero in 2009. With adjusted FITs, a moderate amount of annual addition continued till 2013 after which the country completely removed FITs leading to annual additions falling to less than 10 MW in 2014 and 2015. With no announced plans to reintroduce FITs, the outlook for solar and other renewable technologies in Spain is bleak.
Tax incentives are also provided to contenders from different parts of the renewable energy value chain. Manufacturers and plant owners are the usual recipients of several types of tax incentives including a reduced or exempted Value Added Tax (VAT) on purchase of components related to improvement or transformation of energy systems. Individuals investing in renewable energy funds and individuals installing residential renewable energy for home consumption are also given tax incentives in some countries.
The report "Europe Renewable Energy Policy Handbook 2017" offers comprehensive information on major policies governing renewable energy market in the region.
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