More than half of electricity generation capacity in Europe will be from renewable energy sources by 2030, and then Asia-Pacific region will spend around $2.5tn over the next 16 years on renewable power technologies like wind, solar and hydropower.

These are some of the findings from Bloomberg New Energy Finance’s 2030 Market Outlook. The report says 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.

The share of fossil fuel sources will fall from 48% to 27% according to the outlook, which is focused around the modelling of electricity market supply and demand, technology cost evolution and policy development in individual countries and regions.

Seb Henbest, Head of Europe, Middle East and Africa for Bloomberg New Energy Finance, said that generating power from onshore wind farms will be the cheapest way to produce electricity throughout much of the world – particularly Europe – by 2020. He also said that photovoltaic panels will eventually be viewed like any other must have consumer technology such as mobile phones and laptops. The report forecasts that the Asia-Pacific region will account for more than half of the 5TW of net new power capacity that will be added worldwide in the next decade and a half. The biggest growth in this region will be in renewables, with some $2-5tn invested in 1.7TW of capacity added. This is 1.5 times more than the capacity currently installed in the power system in the whole of the US.

Source: Energy World News September 2014