Dive Brief:
- Bloomberg New Energy Finance's 2030 Market Outlook reported that 65% of the total $7.7 trillion in projected global energy investments over the next 15 years will be in renewables. In the U.S. alone, Bloomberg predicts $1.3 trillion invested in 943 GW of new generation by 2030.
- Of the $1.3 trillion, $314 billion will be invested in natural gas-fired generation, equating to 134 GW of new capacity. Solar and wind generation will be boosted by $231 billion and $200 billion of projected investment, respectively.
- Meanwhile, coal, which is currently the dominant fuel source for electric power generation in the U.S., will drop by 109 GW of capacity and make up only 17% of generation by 2030, down 9% from current levels.
Dive Insight:
New emissions regulations have made "it all but impossible to build new coal in the U.S. and Canada," according to the report. When compared with global market projections, the U.S. is predicted to invest far more in natural gas-fired generation over the next fifteen years. In developing economies, about 90% of investment will be in renewables, the report found.
"By 2030, the world's power mix will have transformed: from today's system with two-thirds fossil fuels to one with over half from zero-emission energy sources," said the report, which some groups have described as overtly anti-coal.
"Rather than dismiss and politicize our conclusions, the coal industry should study them to help quantify and better understand the risks and opportunities ahead of it," said Seb Henbest, Bloomberg New Energy Finance's regional head for Europe, Middle East, and Africa.
