Investment in renewables is expected to triple due to the plunge in wind and solar power, paving way for renewables to account for half of all generation capacity by 2030. Bloomberg New Energy Finance recently reported that annual spending on clean-energy projects may rise to $630 billion at the end of the next decade from $190 billion last year.
The forecasts by New Energy Finance’s forecast under a “New Normal” scenario, which it says is the most likely. Under a “barrier busting” scenario, in which more money is channeled into measures including smart meters that enable customers to monitor energy use, and in facilities that can store energy, the researcher said investment may reach $880 billion by 2030.Read more here.