Israel has become the latest country to make the vow to move toward renewable energy. The Israeli cabinet voted this week to target 10 percent renewable energy generation countrywide by 2020.
The decision is predicted to lead to investments of over $5 billion in Israel’s energy sector. 1,550 MW of renewable electricity is slated for installation by the end of 2014, and 2,760 MW will be installed by 2020.
"I am proud that the government decided in favor of committing to the gradual production of energy from clean renewable sources," said environmental protection minister Gilad Erdan. "The decision will contribute to the reduction of air pollution, to the reduction of dependence on foreign energy sources, and will develop Israeli industry and technology, creating thousands of jobs in the periphery."
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Israel is approaching renewable energy investments based on outlined quotas. By 2020, 460 MW of installed capacity will be provided by solar farms, 110 MW will come from rooftop solar panels, and 800 MW will come from wind power. 210 MW are to include biofuel and biomass power plants, including waste-to-energy facilities.
The new renewable energy targets laid out by the cabinet will be coupled with new funding for clean energy research and development, removal by the Interior Ministry of any legislative barriers currently hindering renewable energy development, and proposals for a new taskforce to regulate government compliance with the new renewable strategies.
Renewable energy companies looking to expand into new markets may want to take note of Israel’s welcoming new government strategy.