Renewable Power Generation to Double by 2020
A Bloomberg New Energy Finance forecast projects investments in renewable power generation to double to $395 billion a year by 2020. Offshore wind (NYSE:FAN) and solar energy (NYSE:TAN) projects are likely to be the main beneficiaries.
These investments are likely to place clean energy at 15.7% of total power generation capacity within 20 years, up from 12.6% last year. It appears the uncertain economic scenario has not affected investor enthusiasm for renewable energy (NYSE:PBW). “Last year’s record renewable energy investment was no one-off despite the recent economic gloom,” Guy Turner, director of commodity market research at London-based New Energy Finance.
“Big winners over the next 20 years will be the emerging renewable energy hubs in Latin America (NYSE:ILF), Asia, the Middle East and Africa – by 2020 the markets outside of the European Union, U.S., Canada (NYSE:EWC) and China (NYSE:FXI) will account for 50 percent of global annual investment in renewable energy capacity,” Turner said.
Some figures to consider: offshore wind energy investment will reach $140 billion by 2020 ($82 billion last year) and solar installations will reach 1137 gigawatts by 2030 (51 gigawatts last year).