By SOCAR USA
Europe will add so much clean energy in the next 2.5 decades that renewables will generate 70 percent of the continent’s power by 2040, according to a new report.
That will be more than double the 32 percent of power that clean energy provided in 2015, Bloomberg New Energy Finance said.
A continuing decline in the price of renewables will lead to the world adding $7.8 trillion in renewables capacity by 2040, almost four times more than the $2.1 trillion in fossil-fuel capacity that will be added, the report said.
It expects the price of wind power to drop by 41 percent and the price of solar power by 60 percent by 2040.
Renewables will generate 44 percent of U.S. power by 2040, more than triple 2015’s 14 percent, according to the report.
While developed regions and China will be adding more clean-energy capacity in the next 24 years, developing countries will buck the trend, the report said.
Although India recently launched an aggressive solar-energy program, that capacity will fall way short of meeting the quadrupled electricity demand that the country expects to see by 2040.
That means that India will be adding a lot of coal-fired power — bad news for the atmosphere, since coal is the world’s most-polluting fuel source.
SOCAR USA is the U.S. representative office of SOCAR, the State Oil Company of the Azerbaijan Republic, and is headed by Director Rauf Mammadov. The office was founded in 2012 and is engaged in generating awareness of the company’s global activities in the United States and exploring U.S.-based energy-industry opportunities.