14 DAY TRIAL // Even though common individuals might not be able to forecast a growth in the department of renewables, experts in this field of activity say that global investments will double their present rates, boosting the whole industry and making it function at its entire capacity.
According to a new report released by Bloomberg New Energy Finance, the financial support encouraging the development of alternative sources of energy will reach $395bn a year until 2020.
Furthermore, it appears that the numbers will keep growing until 2030, a deadline for which the authors of the study entitled Global Renewable Energy Market Outlook expect a superior funding solution equal to $460bn.
This phenomenon will take place due to the development of several nations which can't afford to implement renewables on a large commercial scale at this point in time, such as Thailand, Indonesia, Vietnam.
Nowadays, progress isn't visible because of a misfortunate correlation between a tough economic climate and the lack of governmental support, two decisive factors which will empower China to exceed Europe's efforts of preserving its supremacy in the field of alternative resources, by 2014.
Despite this prediction, experts also say that the existing projects in North America won't be affected. Moreover, India and Africa will slowly approach their major eco-friendly goals and they will be able to experience the benefits of growing investments, which will increase their value by up to 10% annually, within the next decade.
Wind and solar power will become competitive in the next few years, while fossil fuel will turn out to be even more expensive. Better blades and better ways to store clean energy will boost the numbers of companies that operate in the wind-powered industry.
At the same time, solar power will redefine its position as one of the most affordable eco-friendly sources of energy.
The report anticipates encouraging numbers. Experts predict that 1,137GW will supply the entire grid by 2030, an astonishing target if we compare it with what the industry is currently offering us, only 51GW, a dream come true due to investments worth $130bn every year. Wind power follows the same path, as the report says it is likely to reach $206bn by 2030.
"Once you get to post-2020 you start to get growth driven by raw economics rather than policies. Solar will continue to come down in price while better blades and energy storage will make onshore wind competitive at the same time as fossil fuel prices are likely to rise," stated Guy Turner, director of commodity market research at BNEF for BusinessGreen.
"Then you will start to see a step change in renewable energy economics where it will make more sense for people to invest in clean energy," concluded Turner.