A big pat for the entire environment conscious brigade; an estimate by the US Bank Morgan Stanley predicts that the alternate energy market is going to be worth $1trillion a year by 2030.
With oil getting out of reach, spending on green projects is expected to increase many fold. Awareness about global warming and dependence on alternative sources of energy, storing it and newer technologies being explored, gains could be as high as $505 billion in 2020! That is nearly nine times the revenue in 2005, and could even hit $1.02 trillion 10 years further.
World energy revolution needed for climate
when US secretary of state Condoleezza Rice said these words at a UN summit last month, the revolution had already taken place. Companies which used to shelve environmental issues have started spending millions of dollars on such initiatives.
The global risks posed by climate change are driving spending and investment in clean energy solutions, which (unlike the oil shock that spawned the first wave of energy solutions in the 1970s) is durable and accelerating
said Morgan Stanley.
Power of the sun could be a major share holder in the green and clean energy market. From almost negligible in 2005, solar power could reach 11.2 percent in 2030, closely followed by wind energy which could go up to 9.6 percent. Even biofuels have a bright future ahead. From 1 percent in 2005 it will rise to 21 percent in 2030.
If governments around the world continue to focus on climate change issue without deviating from the aim of funding the cause, it would attract a much larger investment. Like Deutsche Bank, which has invested $8.55 billion into climate change funds.
If the data from the UN environment programme is to be believed the global investments in clean and green energies jumped to a record $100 billion last year and are likely to reach $120 billion this year.
This might not be the real battle won, but is certainly a bright ray of hope for the long battle that has been going on to fight greenhouse emissions and climate change.
Via: Reuters
