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Go Finance Reporting in LONDON – Japan’s nuclear crisis and oil prices rose above USD100 per barrel resulting in global renewable energy industry is needed.

As reported by the Reuters site, on Monday (3/28/2011) Renewable Energy Director of Pricewaterhouse Coopers (PwC), Ronan O’Regan said the potential loss of investment interest in nuclear force entry of low-carbon energy investments in the other, so that is where the growth of renewable energy investments.

Renewable energy investments are expected to take the momentum when the number of deals in green energy projects rose 66 percent in 2010, although the value of total investment declined by 32 percent to USD334 billion.

“If the nuclear investment was delayed as we see today. reserve the best scenario is the person directing some of their low-carbon investment into renewable energy,” said O’Regan.

The ongoing unrest in the Middle East and the war in Libya has encouraged concern about further oil supply constraints, which in turn raised the price of Brent oil to a level close to USD120 per barrel.

“In general, high oil prices should be good news for renewable energy because they create a level of subsidy needed to encourage investment (in green energy) is lower,” he explained.

Several renewable energy companies, such as Germany’s SolarWorld (SWVG.DE) that produce photovoltaic technology, said it expects rapid growth in demand as a result of a higher rate of return after the incident in Japan.

“In the long run, nuclear use might be normal again. So that would compete with renewable energy, nuclear will compete again,” he concluded. (GoFinance)

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