The International Energy Agency says $150 billion per year would be needed to achieve increase.
Electricity generated from wind could soar from 2.6% today to 18% of the world’s electricity by 2050, according to the International Energy Agency.
Its latest Wind Power Technology Roadmap says the industry will need $150 billion per year to achieve this. Current investment is hovering around the $80 billion mark.
Wind power deployment under this vision would save up to 4.8 gigatonnes of CO2 emissions per year by 2050, equivalent to more than the current European Union annual emissions.
China, which has doubled investment in renewable energy between 2004 and 2012, would provide the largest reductions.
Since 2008, wind power deployment has more than doubled, approaching 300 gigawatts (GW) cumulative installed capacities led by China (75GW), the United States (60GW) and Germany (31GW).
Wind power now provides 2.5% of global electricity demand – and up to 30% in Denmark, 20% in Portugal, 18% in Spain.