| Abstract |
Energy is a preponderant element for the development of country's economy in the world.((1)) The production of energy has, for the most part relied on oil, coal and gas, which are non-renewable sources of energy. The oil prices fluctuation on the market affect these economies, including developing countries. Turning to renewable energy may become an alternative for those nations. In 2009, renewable energy supplied an estimated 16% of global final energy consumption counting traditional biomass, hydropower, wind, solar, geothermal, modern biomass, and biofuels. Total investment in renewable energy reached above $211 billion in 2010, up from $160 billion in 2009((2)) For Transforming from conventional to Renewable Energy some Strategy and policies has to be implemented in order to reduce existing barriers and promote technology innovation. Developing Countries who benefit on transferring from oil produced energy to Renewable Energy will be able to economy stabilization, reducing the burden due to oil price fluctuation, and green house gas reduction, being able to meets Kyoto Protocol requirement.((3)) Further more, renewable energy development has the potential to create new industries and generate millions of new directly and indirectly jobs, facilitating economy development. |