By Gulsen Cagatay and Oguzhan Ozsoy
ISTANBUL
Falling oil prices will not affect renewable investments, according to a senior executive from the European Wind Energy Association.
Thomas Becker, executive of the association speaking to The Anadolu Agency on Wednesday in Istanbul at the Turkey Wind Energy Congress, said that the drop in oil prices is a temporary thing, and that global demand is growing daily and ascertained that the oil price was influenced largely by the Ukraine crisis a few months ago.
Brent crude oil price has fallen to its lowest point in four years, reaching $81.88 on Wednesday morning and falling further to $81.78 at 8:35 am GMT.
Ukraine has made an agreement to pay its energy debt to Russia thus ensuring the halt in energy cuts from Russia to Europe via Ukraine as the adherence to the deal ensures the free flow of natural gas to Europe for the winter. Additionally, the Saudis have rejected a request for reducing their oil production. According to Becker, despite the abundant oil supply in the market, the dropping oil price is not an indication of fewer investments in the global renewable energy sector.
Becker discussed the main competitors to renewables, which apart from oil in Japan, the Arab gulf countries and in the Middle East is foremost in coal, gas and nuclear energy.
"Coal is polluting, and is on its way out for obvious reasons, also it is very expensive," Becker said adding that Europe has to import all of its coal needs and therefore, renewables and nuclear energy are both viable alternatives.
European energy imports costs two euros per day per person
Becker explained that the current cost for European energy imports is not feasible. He said that through renewables and nuclear energy in Europe, demand will be able to be met for 55 percent of its net energy imports.
"Europeans pay two euros per day for importing energy, and this is not sustainable," he said.
Becker added that Turkey's wind resources are very good, and will allow the country to be less dependent on oil or gas.
"Turkey has many difficulties near the borders, and sooner or later Turkey will use renewable resources which will make it independent in terms of energy needs," he said.
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