Report: Wind Power Industry To Create New Jobs

Jan 21 2009 | 11:28am ET

The wind power industry will employ about 325,000 people in the European Union by 2020—more than twice the current total—according to a report issued yesterday by the European Wind Energy Association (EWEA).

The report, “Wind at Work – wind energy and job creation in the EU,” says the European wind energy sector has created 33 new jobs a day for the past five years. In 2007, wind energy increased more than any other power generating technology in the EU, and the growth in installed wind capacity has been matched by an increase in related jobs: the sector employed 154,000 people in 2007, 108,600 directly.

“‘Wind at Work’ reveals the vast potential of the wind energy industry as a source of employment that can bring real long-term benefits to European economies,” Christian Kjaer, EWEA chief executive, told journalists.

The report shows turbine manufacturers are the main employers in the industry, responsible for 37% of all direct jobs, followed by component manufacturers and project developers.

Three ‘pioneer’ EU states – Denmark, Germany and Spain – accounted for 75% of all direct wind energy jobs, says the EWEA, but countries like France, the UK and Italy are beginning to catch up.

The EU expects to generate about 12% of its electricity from wind power by 2020, as part of its efforts to combat climate change and lessen dependence on gas and oil imports.

Kjaer says the sector provides an attractive risk profile for investors who recently lost money through risky investments and it will be one of the first to recover from the economic crisis.

"There will be a market for medium-risk, medium-return investments, and that's where the wind sector is," he told journalists.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.