23 Apr '13, 11am

The smart money is on renewable energy

The smart money is on renewable energy

Fossil fuel cheerleaders take note: Renewable energy ain’t going nowhere — and it may prove to be the better bet in the long run. By 2030, renewables will account for 70 percent of new power supply worldwide, according to projections released Monday from Bloomberg New Energy Finance. Bloomberg analysts examined gas prices, carbon prices, the dwindling price of green energy technology, and overall energy demand (which, in the U.S. at least, is on a massive decline ), and found solar and wind beating fossil fuels like coal and natural gas by 2030. The chart below shows annual installations of new power sources, in gigawatts; over time, more and more of the new energy supply being built each year comes from renewable sources (like wind turbines and solar panels), by 2030 representing $630 billion worth of investment, while new fossil fuel sources (like coal- or gas-burning po...

Full article: http://grist.org/climate-energy/the-smart-money-is-on-ren...

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