Demand for renewable energy no match for high costs, uncertainty: Ernst &
Young
EIU survey reveals all eyes on government for incentives and a clear agenda
Renewable Energy in
"We've seen a real willingness from the Canadian public to embrace the virtues of "going green" - but price is still a top consideration," said
Despite recently announced government incentive programs, renewable energy still remains expensive for both consumers and suppliers in
As a result, suppliers aren't moving quickly to add renewables to their portfolio. Only 38% of suppliers see growth of their renewable energy portfolio as a high or extremely high priority, with almost as many (34%), indicating that it is not as much of a priority.
"Corporate consumers are examining more than just cost when considering a switch," says Cobey. "Public opinion is the only concern to trump both profitability and social responsibility as a perceived driver towards renewable energy in the survey, and businesses should not underestimate its importance."
Fifty-seven percent of suppliers say that positive public perception is the biggest benefit to their organization incorporating renewables into its energy mix.
In order to make significant progress with renewables, both suppliers and consumers agree that government has a crucial role to play in providing the necessary impetus.
"If renewables are to meet growing public expectations, government must lead the way by setting a clear agenda," said Cobey. "This means providing enhanced education, regulation, investment in the right infrastructure, and incentives such as grants and tax credits."
Government regulation is particularly important in
So far, Canadian businesses have been slow to substantially invest in renewable energy. In order to meet international commitments related to climate change,
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