Fossil fuel enthusiasts need to wrap up warmly by 2030. Because major investments in new power supply will be handed over from coal and gas to renewables, worldwide. They will account for up to 70 percent, according to calculations by Bloomberg New Energy Finance. Where do these numbers come from? Well, Bloomberg analysts reviewed gas prices, carbon prices, counted in the dwindling price of green energy technology, and overall energy demand. The result is that solar and wind are going to beat fossil fuels like coal and natural gas by 2030.

Annual installations of new power sources, in gigawatts; over time.
Picture credit: Bloomberg New Energy Finance

„The likeliest scenario implies a jump of 230 percent,“ they say, compared to 2012. In total numbers: $630bn will be invested per year. According to Bloomberg New Energy Finance wind and solar will take up the largest shares of new power capacity, accounting for 30% and 24% respectively.

But, of course, the good news comes with a flipside: Fossil fuels historically are mounted to the power markets that even this projected massive growth is not enough to change completely towards sustainability. By 2030, non-renewable sources will still account for half of the world’s total power supply, according to the analysis.