The wind industry is an environmentally friendly industry producing clean energy with broad social and economic benefits. From farmers in regional areas, local communities and businesses, workers in turbine manufacturing companies and other associated businesses, through to everyday electricity users around the world, renewable energy is the future of energy production and wind has a major role to play.
As an energy resource, wind is free and widely available. According to a number of scientific assessments, the technical recoverable wind resources are more than 53,000 terawatt hours per year across the globe. However we are not fully utilizing this resource for the generation of electricity. Currently, the total energy generated from wind is a very small portion of the world’s total energy generation.
Although the wind industry is achieving over 30% annual growth, there is still a long way to go to tackle global warming effectively. Electricity produced by renewable resources such as wind and solar is needed to reduce the greenhouse gases produced from traditional polluting forms of generation such as coal-fired power stations.
Australia is a large country with extensive access to renewable energy resources. Yet, globally we have much ground to make up. European countries such as Denmark, Germany and Spain, Asian countries such as China and India, as well as the USA, are all tackling global warming seriously by embracing renewable resources.
The price gap between energy produced through wind resources compared to other sources of electricity generation is expected to narrow in Australia. Globally, continual advancements in turbine technology and economies of scale in larger wind farms are having a positive impact on price, building on existing demand for clean energy generated by wind.
The opportunities for investment in the wind industry in Australia are clear.