Renewable energy projects may account for as much as two-thirds of the $7.7 trillion in global investment for new power plants by 2030, as tighter emissions rules hamper fossil fuel facilities and solar and wind power costs continue to decline.
About $5.1 trillion of total power plant investment will be spent on renewables, including conventional hydropower, according to a report released Tuesday by Bloomberg New Energy Finance.
About half of total pile — $2.5 trillion — will go to Asia, where new solar installations are likely to exceed gas and coal projects combined. Europe will account for $967 billion and the Americas $816 billion of investments in renewables. The Middle East and Africa will invest an additional $818 billion.
That could help the global carbon dioxide emissions to max out by the end of the next decade.
The report estimates that 5,000 gigawatts of power generation capacity will be added globally by 2030 — about four times the current amount of generating capacity in the United States.
Coal, gas and oil-fired power plants will account for only about one-fifth of new capacity, with most of that installed in developing countries where demand for electricity is highest. That will shrink fossil fuel’s share of power generation to 46 percent globally from 64 percent now.
Solar and wind power, on the other hand, will grow their combined share of power generation to 16 percent by 2030, up from 3 percent last year. The growth comes and the decreases costs of solar panel and wind turbine manufacturing, which has helped to make renewables projects more profitable.
About $5.1 trillion of total power plant investment will be spent on renewables, including conventional hydropower, according to a report released Tuesday by Bloomberg New Energy Finance.
About half of total pile — $2.5 trillion — will go to Asia, where new solar installations are likely to exceed gas and coal projects combined. Europe will account for $967 billion and the Americas $816 billion of investments in renewables. The Middle East and Africa will invest an additional $818 billion.
That could help the global carbon dioxide emissions to max out by the end of the next decade.
The report estimates that 5,000 gigawatts of power generation capacity will be added globally by 2030 — about four times the current amount of generating capacity in the United States.
Coal, gas and oil-fired power plants will account for only about one-fifth of new capacity, with most of that installed in developing countries where demand for electricity is highest. That will shrink fossil fuel’s share of power generation to 46 percent globally from 64 percent now.
Solar and wind power, on the other hand, will grow their combined share of power generation to 16 percent by 2030, up from 3 percent last year. The growth comes and the decreases costs of solar panel and wind turbine manufacturing, which has helped to make renewables projects more profitable.
