Renewable Energy Development Outpacing Fossil Fuels

Posted by Amy Guinan

Apr 28, 2015 8:00:00 AM


Renewable Energy Tipping Point

According to an analysis presented this April at the Bloomberg New Energy Finance Annual Summit in New York, 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.

The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels.

Price for Solar & Wind Dropping

As the price of wind and solar power continue to drop, the shift to renewables will continue to accelerate, and by 2030 Bloomberg predicts more than four times as much renewable capacity will be added. 

Solar makes up less than 1 percent of the electricity market today but will be the world’s biggest single source by 2050, according to the International Energy Agency.

Invest in the future: Install solar on your property today


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