Global sales from renewable energy sources could reach as high as $1 trillion a year by 2030, according to a new report issued by Morgan Stanley.
According to a Reuters report, increasing fossil fuel prices and a booming global population, coupled with concerns about climate change, have generated a fast-growing interest in solar power, wind energy and geothermal solutions. Morgan Stanley also noted that the price of renewable energy technologies has been dropping, which further enhances their appeal.
Morgan Stanley was particularly focused on solar power, predicting the market penetration for solar electricity could reach 11.2% by 2030. The bank also predicts wind power could achieve market penetration of 9.6% by 2030.
The Reuters article also cited a recent report by the United Nations Environment Program, which stated global investment in renewable energies jumped to a new record of $100 billion in 2006, with the potential of reaching $120 billion for 2007.
