European renewables growth to outpace nuclear by 5.1%

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Countries around the globe are struggling to meet carbon emissions reductions targets, and Western Europe is no different. To this end, Western European nations are significantly curtailing their nuclear efforts and pumping up their renewable energy generation, according to GBI Research.

According to GBI, the top 10 Western European power markets (Germany, France, the U.K., Italy, Spain, Norway, Sweden, Denmark, Finland and Ireland) will increase their installed renewable energy capacity at a Compound Annual Growth Rate (CAGR) of 5.3 percent. At the same time, nuclear installed capacity in these markets will grow at a CAGR of just 0.2 percent.

But in terms of power market share, however, Western Europe's market share of installed nuclear power is predicted to drop from 14.2 percent in 2012 to 11.3 percent by 2020. Installed capacity of renewable energy is expected to grow from 38.8 percent to 49.8 percent during the same timeframe, projects GBI.

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