According to the European Commission, the deployment of wind power more than quadrupled from 2004 to 2015, and currently accounts for around one third of renewable electricity in Europe alone.1
In recent years, China has led the global wind market and was the world’s number one in accumulative and newly installed wind power capacity in 2016 with around 43 percent of the global wind energy industry’s newly installed capacity.
As an indication of how the market for renewable energy is growing in Asia-Pacific, 20% of future energy consumption in China is expected to come from renewable energies. In terms of cost-competitiveness an analysis of BP shows that, including the estimated impact of system integration costs, onshore wind power will remain more competitive than solar energy in both the US and China power sectors.2
With most countries in the Asian region committed to greenhouse gas emission reductions and a partial decarbonization of their economies, the green bond market has grown rapidly. This is clear proof of a willingness to invest in renewable energy projects, particularly as regulatory policies and fiscal incentives are supporting the industry’s growth.
However, wind power is still far from matching the efficiency levels of conventional energy sources. As a socially responsible enterprise, Covestro is working to change that by striving to lower the production costs of renewable energy, tackling the risk of fuel poverty and contributing to achieving global climate goals.
We are changing the rules of the game by enabling new opportunities to overcome the challenges that currently prevent wind power from delivering on its potential to make a cleaner, brighter future for our planet a reality. PU resin guarantees an excellent mechanical performance and other technical benefits that make production faster and more cost effective, thus pushing the boundaries of wind blade manufacturing.
1 Report from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions (2017): 7
2 BP Energy Outlook (2017): 43