Renewable energy source is indeed creating a storm, most likely by 2030, 70% of power generation the world will add will be renewable, and this need is obvious for reasons galore. After every project the future of renewable energy looks more formidable. Global annual investment in renewable energy is set to grow by anywhere from two-and-a-half times to more than four-and-a-half times between now and 2030, leading to a future energy mix that would see renewables accounting for between 69–74 per cent of new power capacity added by 2030 worldwide.
BNEF (Bloomberg new energy finance) have come up with different scenarios considering the market trend, demand and technology development. They have come up with the optimistic “Barrier Busting” scenario, the pessimistic “Traditional Territory” scenario, and the middle-of-the-road “New Normal” scenario. The New Normal scenario is considered the most likely. As It shows the investment requirement for new clean energy assets in the year 2030 at $630bn. under the Traditional Territory projections, renewable investments would be $470 billion in 2030.