European Wind Energy Association said that offshore wind projects, which are expected to fulfill around 17 per cent of the European Union' energy demands by 2030, are facing acute shortage of funds.

Offshore wind projects require 57 billion euros by 2020 to complete projects with 40 Gigawatts of generating-capacity, while some huge projects with 100 Gigawatts of generating-capacity are already under construction.

A meeting was held between the producers' cartel Opec on Wednesday, after which oil price rose above $72 a barrel.

At the meeting, Opec took the decision to avoid any change in the amount of oil being produced by its members.

Opec said that though there are indications that economic recovery is underway; however, there are concerns about the pace of the recovery.

Since the euro continued to gain ground against the US dollar in currency markets, hike in US light sweet crude appeared 85 cents to $72.16 in Asian trading.

According to the Copenhagen Climate Council study, in case the US increases its dependence on cleaner sources of energy, at least 2 million new jobs would be created in the country. The substantial number of jobs will result from a mere half-percent yearly rise in US' electricity, provided one-quarter of its electricity comes from wind energy and other renewable sources!