Thursday, August 30, 2012

Stunning Fact: Global Solar Now Bigger Than Global Arms Market

The world has yet to beat swords into plowshares.  Not by a long shot.  Indeed, the global arms market sharply increased in 2011 to more than $85 billion, as Persian Gulf states, fearful of a bellicose Iran, went on an American arms buying spree.

Yet, notwithstanding the boom in weapons purchases, the global solar market was bigger in 2011 than the global arms market.  The solar market exceeded last year $91 billion, when 27,000 megawatts of solar were installed around the world.

The global wind market that was worth $68 billion in 2011, when 40,500 megawatts of wind power was installed, is also nearing the amount spent around the world on arms purchases.

Even if peace does not breakout around the world during 2012, more may be spent this year on building wind farms or solar projects than buying arms. That fact underlines why the US would make a huge economic mistake in turning away from the big, booming global wind and solar markets.

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