- Power from renewables comparable to 6.2 million barrels of oil
- Wind and solar `on track to exceed 100 gigawatts' of new power
New wind turbines and solar panels worldwide will provide more energy over the next five years than U.S. shale-oil production has over the past five, according to Goldman Sachs Group Inc.
The leading renewable-energy technologies will add the equivalent of 6.2 million barrels of oil a day to the global energy mix, exceeding the 5.7 million barrels a day pumped from U.S. shale oil wells since 2010, analysts including Brian Lee and Jaakko Kooroshy said in a research report Monday.
The findings come as world leaders gather in Paris to negotiate a global agreement on curbing greenhouse gas emissions from fossil fuels. While countries are setting targets for emission reductions in 2030 and 2050, Goldman Sachs said the biggest shift will occur over the next decade as demand for renewable energy, LED lighting and plug-in vehicles accelerates.
“Wind and solar are on track to exceed 100 gigawatts in new installations for the first time,” the analysts wrote. Solar and wind energy are saving a gigaton of carbon dioxide emissions annually and the market for four leading low-carbon technologies is now worth more than $600 billion per year. “We identify LEDs, solar PV, onshore wind and hybrid and electric vehicles as clear front-runners in the emerging low-carbon economy.”