An estimate by Bloomberg suggests that renewable energy investments will likely double in the next nine years.
By 2020, the article says, expanding investments in wind and solar power projects could rise to $395 billion.
And this could jump even higher by 2030 to $460 billion.
Last year, Bloomberg reports, investments were at $195 billion.
With investments growing so exponentially, solar and wind power installations in particular will have the opportunity to grow even more. Declining solar panel prices will aid this further.
Guy Turner of New Energy Finance told Bloomberg:
“Last year’s record renewable energy investment was no one-off despite the recent economic gloom.”
It seems that renewable energy is the one sector not greatly affected by slow global economic recovery.
According to the article, China is heading for the lead in clean energy investments by 2014, surpassing Europe in that time with investments of $50 billion.
India is set to be the fastest growing in renewable energy spending, followed by the Middle East and Africa. As these nations continue to develop, cutting down on carbon emissions is becoming a focus.
Bloomberg reports that offshore wind investments will probably hit $140 billion by 2020, making it the fastest growing cleantech sector.
Solar installations will grow nearly 23 times by 2030, the article reports. Last year installations were at 51 gigawatts, but this could hit 1,137 in under twenty years.
That’s all for now,