The next decade and a half will see renewable energy raise its share of European electricity generation capacity from 40% in 2012, to 60% in 2030, while the share of fossil-fuel sources such as coal and gas falls from 48% to 27%, according to a new report from Bloomberg New Energy Finance.
The report, BNEF 2030 Market Outlook forecasts that 557GW of new renewable power capacity will come online in Europe by 2030. In the same period, coal-fired capacity will shrink from 195GW to 125GW, as emission regulations bite and the cost-of-generation comparison shifts in favour of renewables, while gas-fired capacity increases but only modestly, from 257GW to 280GW. The only major renewable power technology to remain subsidised in the 2020s will be offshore wind. The report predicts that Europe will add 64GW of offshore wind capacity between now and 2030, involving investment of US$ 296 billion, as governments continue to back it for energy security and industrial development reasons. Globally, Bloomberg New Energy Finance expects US$ 7.7 trillion to be invested in new generating capacity by 2030, with 66% of that going on renewable technologies including hydro. Out of the US$ 5.1 trillion to be spent on renewables, Asia-Pacific will account for US$ 2.5 trillion, the Americas US$ 816billion, Europe US$ 967billion and the rest of the world including Middle East and Africa US$ 818 billion.
