In an analysis of several factors shaping the global energy future — including economic conditions, market demands, and the evolution of technologies — the group predicted that annual spending may increase from $190 billion last year to $630 billion by 2030.
A key factor in the growth is the plunging cost of wind and solar energy, which in the short term has bankrupted many manufacturers. The Bloomberg report also forecast significant growth in hydropower, geothermal, and biomass sources of energy.
In the most likely scenario, 70 percent of new power generation capacity between 2012 and 2030 would come from renewable sources — with wind and solar accounting for 30 and 24 percent, respectively — while only 25 percent would come from fossil fuel sources. The remaining 5 percent would come from nuclear power, according to the report.
Article appearing courtesy Yale Environment 360.