Green Business News: Renewable investment will continue to flourish
A study made by a renewable energy sector analyst stated that renewable energy investments will keep on increasing all over the world up to 2030 and this will boost the renewable energy share for the world’s total power production.
The Bloomberg New Energy Finance reports that renewable energy project investments could go up to $200 billion in the year 2030. The study was formulated from two years of developing a model. The study states that $90 billion was poured into the sector in 2009 and that by 2020; it will reach $150 billion.
The group figured out that the current renewable energy share of 13 percent in the world’s installed power generation will increase to 22 percent in 2020 because of investments.
Bloomberg New Energy Finance’s prediction for 200 countries and regions globally is that the renewable energy percentage will reach 31 percent by 2030, if current procedure goals are reached. Bloomberg New Energy Finance carbon market research director Gay Turner says there are more chances of boosting the renewable energy by 2030 if governments will take the climate change threat seriously.
According to the report, onshore wind projects will take the bulk of the annual global expenses for renewable energy. The renewable energy sectors that will grow the most are onshore wind and solar photovoltaic markets, followed by biomass technologies, while hydropower production is reported to be the sector that will grow the least.
According to the new model, further emission reduction will come from forestry, agriculture and enhanced industrial energy, especially when the construction of energy-efficient buildings becomes cheaper.
As a conclusion, the model said that ambitious goals will be achieved if carbon expenses will be gradually increased to $100 per ton by 2030.
The model proposed investment figures to be raised to $230 billion by 2020 and up to $500 billion by 2030 to get an average of 2 tons of carbon dioxide per head by 2050 and to avoid the harmful effects of climate change.
The attainment of the goal will enable renewable energy to grow and maintain over 40 percent of installed power generation. It will also cut 45 percent from the 19 gross tons of emission reductions that are required to be reduced by 2030.
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Ashly Sun is a seasoned writer, having travelled around the world, largely putting all her experiences and the sights and sounds she has come across to paper. She now writes extensively about topics related to green news, mostly on renewable energy, but also on a variety of related topics as well. When not travelling around the world, she is based in Central Hong Kong, taking in the myriad colours, flavours, and scents of the melting pot that Hong Kong is known for.