According to predictions by Bloomberg New Energy Finance, renewable energy projects will represent two-thirds of all energy investments between the years 2016 and 2040.
Cheaper coal and cheaper gas will not derail the transformation and decarbonisation of the world’s power systems. By 2040, zero-emission energy sources will make up 60% of installed capacity. Wind and solar will account for 64% of the 8.6TW of new power generating capacity added worldwide over the next 25 years, and for almost 60% of the $11.4 trillion invested.
That’s right, solar power and other renewables will eventually surpass coal and gas combined!
This is excellent news for our planet’s eco systems, and also great news for us as electricity consumers: some of the newest wind and solar farms coming online are reaching record low prices, and have become capable of competing head-on with established fossil fuels such as coal, but without the negative environmental impact.
Bloomberg New Energy Finance predicts that renewable energy investments from 2016 to 2040 will add up the impressive amount of 7.8 trillion dollars.
The predicted 7.8 trillion dollars in clean energy investments are split mostly among solar power ($3.4 trillion), wind power ($3.1 trillion) and hydroelectricity ($911 billion). Solar power is once again proving its feasibility as a mainstream energy source, ahead of other renewable sources, not to mention fossil fuels.