Renewable energy may reap as much as two-thirds of the $7.7 trillion in investment forecast for building new power plants by 2030 as declining costs make it more competitive with fossil fuels.
About half of the investment will be in Asia, the region where power capacity will grow the most, according to the forecasts in a report released by Bloomberg New Energy Finance today. That will help global carbon dioxide emissions peak by the end of the next decade the London-based researcher said.
A glut of solar and wind manufacturing capacity has brought down prices of cells and turbines. That’s making clean energy plants in more locations profitable even though governments from Germany to the U.S. are scaling back incentives. Annual investment in technologies such as solar, wind and hydropower surpassed fossil fuels for the first time in 2011.