Essay on International Economics of Renewable Energy

International Economics of Renewable Energy Energy is a critical component for every economy and society around the world. Energy is divided into two groups, nonrenewable (coal, oil, natural gas, and nuclear) with a finite amount found around the globe and renewable (hydro, tidal, solar, wind, geothermal, and biomass) that are constantly being replenished so that they will never run out (Green Energy Choice, 2011). The international economic impact of renewable energy is explored by examining subsidies, strategic policies, and comparative advantage of renewable energy. Subsidies Renewable energy in its various forms can be over 5 times more expensive than conventional types of fossil fuel forms of energy generation and none are†¦show more content†¦The state of California has set an aggressive schedule for the required amounts of renewable energy use, stepping from 20% in 2013, to 25% in 2016, and finally 33% by 2020 (DSIRE, 2011). By setting required levels of renewable energy to be used by energy companies the government leaves it up to the generator to develop the most cost effective source of renewable energy and the government faces small cost impacts because the brunt of the costs are forced on the users. Subsides are being provided directly to renewable energy generators by governments all over the world. German has launched an aggressive campaign to have 100% of its energy come from renewable sources. The German government gives direct subsidies to individuals and businesses for the installation of roof top solar panels on their proper ty, thus making renewable energy more attractive for small renewable energy generators (Burgermeister, 2009). Direct subsidies have become a required part of renewable energy for small producers to find it cost effective and current efficiency levels show that they will be required for many years to come. 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