Bloomberg New Energy Finance predicts strong growth in solar and off-shore wind energy may propel annual investments in clean energy to double by 2020, reaching an estimated $395 billion a year. By 2030, that figure may rise to $460 billion annually.
Within 20 years, the percentage of total world power generation supplied by clean energy may rise to 15.7% up from 12.6% last year. This growth will continue despite the gloomy economic environment.
“Big winners over the next 20 years will be the emerging renewable energy hubs in Latin America, Asia, the Middle East and Africa – by 2020 the markets outside of the European Union, U.S., Canada and China will account for 50% of the global annual investment in renewable energy capacity,” said Guy Turner, director of commodity research.
The world’s current major players – China, Europe, The United States and Canada – will continue their investments in the sector. China was the world’s leader in new clean energy investment last year with $51.1 billion, by far the largest expenditure of any country.
In 2009, Asia and Oceania overtook the Americas in terms of regional clean energy spending, and by 2014, it is likely to leap over the Europe, the current leader.
The most rapid growth in spending rates will come from India, the Middle East and Africa, where rates will grow between 10% – 18% over the next decade. Emerging energy technologies are rising significantly in the world’s emerging markets. We believe this trend is integral to our clean energy investment strategy.