Bloomberg sees fossil fuel development at loss towards renewables

Oil pump near Moose Jaw, Saskatchewan, Canada (source: flickr/ Arthur Chapman, creative commons)
Alexander Richter Alexander Richter 17 Apr 2015

BNEF: "The question is no longer if the world will transition to cleaner energy, but how long it will take."

Good news for green energy worldwide! According to a recent post by Bloomberg New Energy Finance (BNEF), “The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there’s no going back.”

The same source states that the actual “turning point” actually happened back in 2013, were for the first time more renewable electricity capacity was installed than fossil fuel capacity. One could argue that this is a “trend” yet confidently states that “the question is no longer if the world will transition to cleaner energy, but how long it will take. (…) BNEF forecasts the billions of dollars that need to be invested each year in order to avoid the most severe consequences of climate change, represented by a benchmark increase of more than 2 degrees Celsius.”

Most of the renewable power growth has been fuelled by solar and windpower. Let’s hope that other renewables also see faster and more intense growth in the years to come.

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Source: Bloomberg New Energy Finance via Renewable Energy World