Hope springs eternal in Bloomberg's breast over the future of renewables, but how accurate is their forecast? Ten years to stop "global CO2 emissions? And what cost reductions might there be- removing the extravagant subsidies? TM.
Globally, Bloomberg New Energy Finance expects $7.7 trillion to be invested in new generating capacity by 2030, with 66% of that going on renewable technologies including hydro. Out of the $5.1 trillion to be spent on renewables, Asia-Pacific will account for $2.5 trillion, the Americas $816bn, Europe $967bn and the rest of the world including Middle East and Africa $818bn.......
Michael Liebreich, chairman of the advisory board for Bloomberg New Energy Finance, commented: "This country-by-country, technology-by-technology forecast of power market investment is more bullish on renewable energy’s future share of total generation than some of the other major forecasts, largely because we have a more bullish view of continuing cost reductions. What we are seeing is global CO2 emissions on track to stop growing by the end of next decade, with the peak only pushed back because of fast-growing developing countries, which continue adding fossil fuel capacity as well as renewables."