Dresdner Bank is expecting a global investment boom in renewable energy systems in the coming years. The market volume could jump to up to â¬250 billion a year by 2020 â almost six times the current global volume. âThis is impressive growthâ, said Otto Steinmetz, member of Dresdner Bank's Board of Managing Directors, at the âEVER Monaco 2007â climate conference on Thursday.
The renewable energy market currently has a global volume of around â¬45 billion. According to Steinmetz, the market will grow to â¬115 billion by 2020 based on a âconservative estimateâ. âModerately optimistic forecastsâ even quote figures of up to â¬250 billion, stated Steinmetz, citing research by economists at Dresdner Bank and Allianz.
In Germany in particular, investment in renewable energies will increase substantially during the coming years. If the share of total electricity production accounted for by renewables rises to 20 percent by 2012, as laid down in the coalition agreement, Dresdner Bankâs economists estimate that investment in renewable energy systems will grow to â¬70 billion per year.
Allianz will also invest in this area. According to Steinmetz, who is Chairman of the Allianz Climate Core Group, the Munich-based finance group will invest up to â¬500 million in renewable energy projects by 2010. The bulk of this will be used to finance wind power projects. Allianz already has an interest in a large number of wind power stations, including major wind farms in Brandenburg and in Italy, said Steinmetz.
Otto Steinmetz also emphasised at the âEVER Monaco 2007â conference that Allianz supports German Chancellor Angela Merkelâs proposal to reduce CO2 emissions by 60 to 80 percent by 2050.