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International Economics of Renewable Energy
Energy is a critical component for every economy and society around the world. Energy is divided into two groups, nonrenewable (coal, oil, natural gas, and nuclear) with a finite amount found around the globe and renewable (hydro, tidal, solar, wind, geothermal, and biomass) that are constantly being replenished so that they will never run out (Green Energy Choice, 2011). The international economic impact of renewable energy is explored by examining subsidies, strategic policies, and comparative advantage of renewable energy.
Renewable energy in its various forms can be over 5 times more expensive than conventional types of fossil fuel forms of energy generation and none are more efficient than most forms of natural gas or coal energy production (US Department of Energy, Levelized Cost of New Generation Resources in the Annual Energy Outlook 2011, 2011). In an effort to promote renewable energy governments around the globe have pledged their commitment to the development of renewable energy in the form of subsidies.
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