BEIRUT: Renewable energy will attract $11 trillion in investment in coming decades as production costs fall, according to a report by Al Sharq, citing an analysis by Bloomberg NEF, the newswire’s research arm.
The Bloomberg NEF report said there was a need for a significant increase in the number of renewable energy projects, adding that wind and solar energy projects will account for 56 percent of all global electricity sources by 2050.
Gas will be the only fossil fuel that will increase its share of demand in coming years, according to the report.
The spread of electric vehicles will affect future of oil demands, with the report saying that about 65 percent of road trips will be done using electric cars by 2050.
The Bloomberg NEF study also said it expects air travel to remain one of the most difficult sectors to decarbonize, as aviation emissions have increased by 80 percent since 1990 — a percentage that will double again by 2050.
Saudi Arabia aims to generate 50 percent of the nation’s power from renewable energy by 2030, with the remainder provided by gas.
Khalid Al-Sultan, president of King Abdullah City for Atomic and Renewable Energy, said that the Kingdom is working to create a sustainable renewable energy sector that includes industries, services, localization of technologies and development of human resources. It is doing this by identifying the main frameworks required for building the sector.