Free Energy To Get $7.7 Trillion Investment

EE News reports: Global adoption of renewable energy shows no signs of slowing over the next 15 years, with nearly two-thirds of an expected $7.7 trillion in new investment going toward non-fossil power generation, according to new projections by Bloomberg New Energy Finance. In particular, major additions of solar and wind energy will continue to displace coal as a primary source of power generation across many of the world's largest economies, while shale gas will remain a key factor in U.S. energy markets at least through 2024, BNEF said in the latest "2030 Market Outlook," released this morning. Overall, fossil fuels are expected to lose 20 percentage points in their market share over the next 16 years from 64 percent of global generation in 2013 to 44 percent in 2030, a decline driven mainly by the contraction of coal-fired power in developed countries, the analysis found. "By 2030, the world's power mix will have transformed: from today's system with two-thirds fossil fuels to one with over half from zero-emission energy sources," Bloomberg analysts said in the report, which relies on modeling of electricity market supply and demand, technology costs, and policy development in regions and countries around the world.

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