Annual investment in renewable energy technologies, such as wind turbines and solar panels, is likely to jump by 230 per cent by 2030 as the industry drives down costs and starts widespread deployment of baseload green technologies, such as biofuels a new report has found.
The analysis predicts wind will account for 30 per cent of new capacity by 2030 and solar will take up 24 per cent as a result of reductions in technology costs. Global biofuel production, meanwhile, could increase by around 200 per cent from 120bn litres in 2012 to 370bn litres in 2030.
With large hydro projects also taken into account, renewables could account for between 69 per cent and 74 per cent of all new generation capacity added by 2030.
Driven by further improvements in the cost-competitiveness of wind and solar technologies, and an increase in the roll-out of non-intermittent clean energy sources like hydro, geothermal and biomass.
The result will be renewable energy projects including wind, solar, hydro and biomass accounting for 70 per cent of new power generation capacity between 2012 and 2030, the report said. By 2030, it finds, renewables will account for half of the generation capacity worldwide, up from 28 percent last year.