Proceedings of the 4 th International Conference on Environmental Management, Engineering, Planning and Economics (CEMEPE) and SECOTOX Conference ISBN: 978-960-6865-68-8, Mykonos island, Greece , June 24-28, 2013 649 Economic, financial and technical issues of wind power generators for the transition to a zero carbon economy G. Varympopiotis 1* , P. Papakonstantinou 2 , A. Tolis 1 , A. Rentizelas 1 , K. Aravossis 1 1 Industrial Engineering Laboratory, Sector of Industrial Management & Operational Research, School of Mechanical Engineering, National Technical University of Athens, 15780, Athens, Greece 2 School of Civil Engineering, Democritus University of Thrace, 67100, Xanthi, Greece *Corresponding author: E-mail: grevar@central.ntua.gr, Tel +30 2107722385 Abstract Wind power plants are considered as one of the most feasible pathways to move towards a carbon free economy. However, several issues have to be mitigated to achieve this goal. In this paper we analyse in detail the technical, financial and economic issues and try to quantify the benefits and costs associated with the transition to a zero-carbon economy through the use of wind turbines. This clarification will help us address the obstacles we need to overcome in order to reduce greenhouse gas emissions in a more efficient manner. Dangerous Climate Change is a fact and immediate action should be taken to avoid its negative impacts. The power production industry is the most polluting industry, releasing the largest amount of greenhouse gases in the atmosphere. Although wind power generators are a promising technology, their implementation cannot address this problem totally, as several challenges have to be alleviated. Firstly, the construction of wind turbines emits carbon gases that alter greenhouse effect equilibrium. Moreover, the intermittency of wind power generation may fail to meet the requested demand. From a financial perspective, wind power facilities are more expensive in comparison to power plants operating with fossil fuels. The high amount of capital needed for investments has to be bridged within the current market conditions and additional frameworks should be implemented. Furthermore, the economy as a whole will be affected; socioeconomic effects with employment impacts and increased electricity bills may alter current economic standards. Keywords: Climate change; wind power issues; financial, technical & economic analysis; zero carbon economy 1. INTRODUCTION Climate change is a natural phenomenon observed along the earth’s lifetime, following cyclical long-term patterns [1]. However, dangerous climate change is the one correlated with anthropogenic activity [2]. Although, the correlation between CO 2 emitted in the atmosphere and temperature rise is lower than 1:1, dangerous climate change is highly correlated with CO 2 emissions. The most important factor affecting the dangerous climate change is the use of fossil fuels (coal, gas, oil) [3]. The burn of fossils fuels emits CO 2 that changes the constitution of greenhouse gases and alters the energy equilibrium of earth. It is observed that all the factors that indicate climate change are increasing and that they are changing at higher rates than before [4]. It is predicted that if human activity continues with current trends and rates the earth will experience significant changes due to climate change. A recent study shows that these changes may have a significant impact on the water levels, on the ecosystems viability, on agricultural productivity, on the coastal morphology and on human health. [ 5] Dangerous Climate Change will not only affect our lives but also the lives of future generations. The cumulative nature of climate change and the fact that it is characterised by long time lags makes it a complex and sensitive issue.