Is wind power good for the economy?

Yes! Nearly 45 GW of new wind power, put online in 2012, represents investments of about $56 billion. Additionally, according to the latest UNEP report on the green economy, in 2011 approximately 700,000 people were employed directly or indirectly in the global wind power industry.

The EU accounted for 37.5 percent of the global market in 2012. The top five global markets are in US, China, Germany, Spain and India. In fact, today most of the major growth markets are outside of the OEDC.

Brazil is leading the way in Latin America, followed by Mexico. Chile, Uruguay, Costa Rica, Honduras and Argentina are just some in the region whom are also beginning to choose wind power as a way to meet the needs of a growing economy while increasing their energy independence. Latin American and Caribbean region reached 3,505 MW of installed wind power in 2012

Sub-Saharan Africa, Ethiopia, Tanzania, Kenya and South Africa are also now building a plant, joining Egypt, Morocco and Tunisia in leading wind power development in the African continent. Total installed wind power capacity in Africa and Middle East in 2012 – 1,135 MW

Wind energy makes people less dependent on fuel imports at unpredictable prices. In 2011, wind power production worldwide avoided fuel costs of €35 bn assuming a price of €10/t CO2.

Wind-generated power comes at a zero fuel cost and zero CO2 cost, unlike most traditional energy sources. Wind power can also lower electricity prices and bring more competition to the market.

The EU wind energy sector is a net exporter – of €5.7 bn worth of products and services in 2010.

Find out how wind energy affects electricity market prices.