Renewable Investments Projected to Skyrocket in Next Decade
Posted at 7:14 a.m. on July 3, 2014
Think Progress: “The ‘world is already adding more renewable-energy capacity each year than fossil fuel capacity,’ Bloomberg New Energy Finance (BNEF) explained earlier this year. And BNEF’s just-released 2030 Market Outlook projects that disparity will skyrocket, concluding that ‘renewable energy may reap as much as two-thirds of the $7.7 trillion in investment forecast for building new power plants by 2030 as declining costs make it more competitive with fossil fuels.’”
“That means some $5 trillion in renewable investment over the next decade and a half. Of the 5 terawatts (5000 gigawatts) of generating capacity that will be added worldwide over the next 15 years, over 3 TW (3000 GW) are projected by BNEF to come from renewables. The capacity of plants powered by fossil fuels — coal, gas and oil — will account for under 1100 gigawatts.”
New renewable generation will outpace new fossil-fuel generation by over 7-to-1 in 2030.