Fossil fuels have lost race against renewables – BNEF

The race for renewable energy has passed a turning point and there’s no going back, Bloomberg New Energy Finance founder Michael Liebreich told the company’s annual summit in New York. 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. The shift will continue to accelerate, and by 2030 more than four times as much renewable capacity will be added.

“The electricity system is shifting to clean,” Liebreich said in his keynote address. “Despite the change in oil and gas prices there is going to be a substantial buildout of renewable energy that is likely to be an order of magnitude larger than the buildout of coal and gas.”