[LINK] "Renewables to Beat Fossil Fuels With $3.7 Trillion Solar Boom"

[rfmcdonald]

Bloomberg's Ehren Goossens reports. I would also add that other energy technologies should be taken into consideration--nuclear energy comes to mind.

Renewable energy will draw almost two-thirds of the spending on new power plants over the next 25 years, dwarfing spending on fossil fuels, as plunging costs make solar the first choice for consumers and the poorest nations.

Solar power will draw $3.7 trillion in investment through 2040, with a total of $8 trillion going toward clean energy. That’s almost double the $4.1 trillion that will be spent on coal, natural gas and nuclear plants, according to a forecast from Bloomberg New Energy Finance.

The figures show the traditional dominance of coal and natural gas suppliers will slip in the coming years as cheaper renewables mean developing nations can tap less-polluting sources to meet their swelling energy needs. The forecast from New Energy Finance also indicates that coal will remain an important fuel, suggesting policy makers must take further steps to control greenhouse gases.

“We will see tremendous progress toward a decarbonized power system,” Michael Liebreich, founder of New Energy Finance, said Tuesday in a statement as the research group released its findings in London. Despite this, emissions will continue to rise “for another decade-and-a-half unless radical policy action is taken.”