A report from a major financial institution says the economic future of wind, solar, geothermal power, and biofuels looks very bright.
This story from the GroovyGreen.com web site has more details:
U.S. Bank Morgan Stanley has estimated that global sales from clean energy sources such as wind, solar and geothermal power and biofuels could grow to as much as $1 trillion a year by 2030. In the meantime, the market may hit $505 billion in sales by 2020 — almost 9 times the level in 2005. Not a bad idea to invest, right?
Well, maybe. While it’s a sure bet that renewable energy will grow in percentage sales of global energy sources; there’s no telling how rapid or sustained such growth might be. Morgan Stanley was clear to indicate that current numbers are based on bullish investments, the rising value of oil, and current worldwide concerns over global warming. A change in any number of these factors could affect the industry.
“The bank was particularly bullish on solar power. Market penetration of solar in electricity generation could rise from levels almost too small to measure in 2005 to 11.2 percent in 2030, while wind power could go from 0.9 percent to 9.6 percent by 2030, it said.
The article goes on to says that the cost of solar power would go from the current $8 per Gigawatt installed to just $1.60 by 2030. Market penetration for ethanol and biodiesel could go from about 1 percent now to 21 percent by 2030… if vehicle fuel efficiency for cars continues to climb.