Renewables could reach close to 50% of global power generation in 2030

by / Wednesday, 02 July 2014 / Published in Smartgrid-CI Blog

The energy revolution is global

Bloomberg New Energy Finance just published its 2030 Energy outlook report according to which Renewable energy will represent 49% of energy generation globally in 2030. This means that the combination of solar energy, wind energy and other renewable energies (mainly hydro, biomass and geothermal energies) will be the main energy source of the planet in 16 years. In 2030, report says, energy generated from fossil fuels will represent 44% of energy generation. The share of nuclear energy will be 5% and 2% will be generated from flexible sources.

Between now and 2013, fossil’s share in global electricity generation will drop from 64% to 44%, that of renewable will jump from 29% to 48%.

According to Bloomberg, this surge in renewable energy represents total investment of $7.7 Trillion.

Interestingly enough, Bloomberg is way more optimistic about the development of renewable than the EIA (U.S Energy Information Administration) that published a report in July 2013 according to which only 24% of the global electricity generation will be generated from renewable energy sources (including hydro-power) in 2030.

This is huge difference and we have no way to understand where it comes from.

No matter what this surge of renewable energy is good news for the environment in part because it is accompanied by a surge of gas to the detriment of GHG (Green House Gas) emitting energy sources such as oil and coal.

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