Research firm Globaldata’s report, Asia-Pacific Renewable Energy Policy Handbook 2013, highlights the Chinese government’s commitment to renewable energy, including new laws and supportive financial measures, making China the largest wind power market in the world.
China had an installed capacity of 75,564MW in 2012, overtaking the US in 2011, and the state’s 12th five-year plan (2011–2015) has a target of 70GW of wind power capacity by 2015.
Australia and India will increase their share of renewable energy projects powered by support from their governments, the report shows.
Australia’s cumulative installed capacity for renewable power increased from 849MW in 2001 to 5,968MW in 2012.
Growing energy demand, limited fossil fuel reserves and global warming concerns have forced countries in the Asia-Pacific region to increase their share of renewable energy the report notes.
Japan’s Fukushima nuclear incident in 2011 triggered the country to diversify its energy mix with the government introducing one of the world’s most generous feed-in tariffs for renewable energy in 2012.
Thailand announced several measures to boost its renewable industry with the aim of sourcing 25% of its energy from renewables in the next 10 years.
"Most countries are supporting renewable sources in order to aid recovery from the economic downturn," said Globaldata analyst Swati Singh..
"Renewable portfolio standards and feed-in tariffs are the two most prominent support mechanisms implemented by countries that are driving renewable energy market development," he said.
Other incentives, such as capital subsidies, grants, rebates, tax credits and exemptions, as well as reduced-rate loans, are also being offered by these countries to help further promote the use of renewable power.