Bloomberg Study: 70 Percent Of New Global Power Capacity Added Through 2030 Will be Renewable
By Jeff Spross on Apr 25, 2013 at 12:45 pm
According to Bloomberg’s renewable energy research team, Bloomberg New Energy Finance (BNEF), 70 percent of the power generation the world will add between now and 2030 will most likely be renewable.
That would mean $630 billion in new renewable capacity investments in 2030 alone — over three times what was built in 2012, and 35 percent higher than what BNEF predicted for 2030 a year ago. So not only does renewable energy’s future look formidable, it’s looking more formidable every year we project it.
After accumulating the latest data on economic prosperity, market trends, demand growth, technology development, and likely future policies, BNEF’s modeling program spit out three projection scenarios: the optimistic “Barrier Busting” scenario, the pessimistic “Traditional Territory” scenario, and the middle-of-the-road “New Normal” scenario.
The New Normal scenario is considered the most likely. It shows the investment requirement for new clean energy assets in the year 2030 at $630bn (in nominal terms), more than three times the investment in the renewable energy capacity that was built in 2012. This 2030 investment figure is 35 percent higher than that produced in Bloomberg New Energy Finance’s last global forecast a year ago, and the projection for total installed renewable energy capacity by that date is 25 percent higher than in that previous forecast, at 3,500GW.
In the power sector, the research company’s latest forecasts project that 70 percent of new power generation capacity added between 2012 and 2030 will be from renewable technologies (including large hydro). Only 25 percent will be in the form of coal, gas or oil, the remaining being nuclear.
Newly installed capacity in gigawatts. (Source: BNEF/Grist)