NBAD Report: Solar PV expected to reach grid parity in 80% of countries by 2017
A National Bank of Abu Dhabi (NBAD) Report: Financing the Future of Energy, which was launched yesterday at the Global Financial Markets Forum in Abu Dhabi identifies the need for innovative approaches to financing the energy infrastructure to meet future demand. Energy demand in the Gulf is expected to triple in the next fifteen years far outstripping today’s supply. Closing the global energy gap will require $48 trillion of investment over the next 20 years in projects that provide additional energy generation capacity and improve the efficiency of energy use.
More than half of the investment in new electricity generation worldwide is in renewables – solar PV will be at price grid parity in 80 percent of countries in the next two years. Gains made from energy efficiency are as great as the benefits of increased generation – with some industrial applications of energy efficiency delivering 100 percent payback in five years. This puts the Gulf at the centre of a significant new opportunity in energy.
The report highlights the growing demand for sustainable energy, the technologies that are most likely to close the supply-demand gap and the scale of financing required.
The above is an excerpt of $48 trillion needed to meet global power demand over the next two decades by Emirates News Agency. Image Credit: Khairul Hazim Zainudin via Flickr.
Read Full Report here.
