Weak coal and gas prices will not stop record investment in renewables over the coming decades as the cost of generating clean energy drops, a key energy report said. Currently, 80% of global energy consumption is drawn from fossil fuels. Renewable energy sector is set to get an investment of nearly $7.8 trillion in the coming decades, New Energy Outlook 2016 forecast said. In Europe, renewables will dominate, generating 70 percent of the continent's power by 2040, up from 32% in 2015. Renewables are set to attract $7.8 trillion (nearly Rs 518.9 lakh crore) by 2040, nearly four times as much as carbon-based power over the same period, the New Energy Outlook 2016 forecast said.

Source: dna June 14, 2016 03:22 UTC