More Funding Required for Making Green Energy Program Affordable

Published Date : Jun 04, 2015

The plan called Global Apollo Programme is generating a lot of interest in the renewable energy community. This Programme is aimed to cut down on the costs of renewable power dramatically and is attracting interest from the globe’s leading economies. However, to make this goal a possibility more financial backing is required.

The spending of €5.5 billion which the government spend on the renewable research and development is quite low and it compares insufficiently with the €90 billion spending globally on the production subsidies for renewables. Furthermore, not to mention the massive €500 billion spending on fossil fuel energy, stated David King who is one of the chief scientist of U.K. government and author.

According to him, there has been a considerable interest from a wide range of countries. These include the United States, Korea, Japan, Mexico, India, United Arab Emirates, and China. According to the scientist, by November the program should have more commitments.

Though the cost of renewable energy has been declining in the past few years, especially in the sector of solar PV this trend needs to accelerate to cut down on the high carbon emissions and air pollutions resulted from coal and diesel plants.

The Global Apollo Programme is an internationally blended scheme of research and development targeted on smart grids, electricity storage technology, and renewables as per the report prepared by a group of economists, scientists, and previous academics, and former chief executives. The aim of this program is to make renewable energy cheaper than new coal plants in the sunny regions of the world in a duration of 10 years and globally by 2025, according to the top climate experts.