Renewable Power Trumps Fossils for First Time as UN Talks Stall

kristy Green Prosperity, Resource Efficiency

Renewable Power Trumps Fossils for First Time as UN Talks Stall

By Alex Morales – Nov 25, 2011 8:13 AM ET

Enlarge image Renewable Power Trumps Fossils for First Time

Blades for Vestas Wind Systems A/S wind turbines are stored at the company’s factory in Tianjin, China. The findings indicate the world is shifting toward consuming more renewable energy even without a global agreement on limiting greenhouse gases. Photographer: Nelson Ching/Bloomberg
Enlarge image Renewable Power Trumps Fossils for First Time

A Vestas Wind Systems A/S turbine stands next to an old windmill at the Sacramento Municipal Utility District Wind Power Plant in Rio Vista, California. The renewables boom, spurred by about $66 billion of subsidies last year, intensified competition between wind-turbine and solar-panel manufacturers. Photographer: Ken James/Bloomberg

Renewable energy is surpassing fossil fuels for the first time in new power-plant investments, shaking off setbacks from the financial crisis and an impasse at the United Nations global warming talks.

Electricity from the wind, sun, waves and biomass drew $187 billion last year compared with $157 billion for natural gas, oil and coal, according to calculations by Bloomberg New Energy Finance using the latest data. Accelerating installations of solar- and wind-power plants led to lower equipment prices, making clean energy more competitive with coal.

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