UK
2011
Source
Bifacial solar panels
Turbine diameter (meters)
2019
2019
Germany
2016
Solar Energy Costs in 2019 and 2030
7.5-8
2019
2
32.5
1.1
48.5
Gas
6%
2019
80
Our analysts expect renewable sources to make up over 55% of Europe’s power generation mix by 2030.
47.8
Austria | 230
2030 target
36
Cost of electricity in US dollars per megawatt hour
India | 80
34.7
46.9
160
130-160
2006
Big Ben
The
Other Renewables
Source
Source
240
Portugal | 260
of the world's generation output by 2040—up from about
Find out why, and explore what it means for our future.
15-fold
Onshore
are used to adjust panel orientation throughout the day and increase power output.
2002
Source: IEA, Goldman Sachs Global Investment Research
23.5
Policymakers have become more ambitious as the costs of renewable energy have fallen.
Spain
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
280
2009
Belgium | 280
200
Download
Source
8-9
2014
Turbine height (meters)
2019
Europe's Road to renewables
Source: Statista
Why
The
Actual & 2018
European Countries
Source: BEIS, CTBUH
Over the next
The size and capacity of turbines has increased significantly over the last 30 years. We expect this trend to continue, implying more efficient turbines, which would in turn mean more electricity output from wind farms.
The exhibit below shows how the sizes of the turbines compare with major London buildings.
View
4.9
UK
28.8
2018
of investment.
France
20
200
8 Canada Square
2019
Long-Term
Japan | 220
Wind
2016
93
Source: Goldman Sachs Global Investment Research, Bloomberg
US | 130
Europe's Power Mix in 2030
2016
WHOLESALE ELECTRICITY PRICE
62.1
120
2018
>
Companies are helping propel the shift to green power by signing long-term agreements to source power from renewables.
Wind
2013
0.5
2014
40
The Power Shift
260
Source: Goldman Sachs Global Investment Research
Power Purchase Agreements on the Rise
Spain | 240
today.
1600
1400
1200
1000
800
600
400
200
0
Wind and solar could contribute to almost
180
32.6
200
euros per megawatt hour
Nuclear
Technological advances are helping drive the boom in renewables. Wind turbines and solar panels are becoming cheaper to make and more efficient, which means the cost per unit of energy is falling.
90%
The Gherkin
Source
300
Italy | 270
236
Download
Global Solar Capacity in Gigawatts
Hydro
>
2014
Trackers
Offshore
Source
16.8
Goldman Sachs estimate for the portion of electricity that should be derived from renewables to meet the EU emissions target
24.8
China | 80
2025
Italy
Italy
3 trillion euros
10-15
2030
2030
Source: IEA
2010
France
can produce energy from both sides.
Capacity (megawatts)
2030
6
55%
UK | 220
33.3
46.8
Germany | 330
In most countries across Europe, green energy is already undercutting the costs of energy generated from burning fossil fuels.
Other
51.6
1.1
21
100
2030
20 years
Tech Evolution
12
180
2015
Solar
Brazil | 130
2015
gigawatts
220
0
1 Canada Square
2030
New Zealand | 200
Result?
The
2012
Source
60
Gigawatts signed in Europe
0.8
Solar
56
Source
spain
140
2050 target
2017
Germany
Europe?
2017
Nordic Countries
Other Countries
For more on the power shift, download the report:
Electricity bills in Europe are high due to the region's lack of natural resources and high subsidies and levies.
2030
Capacity (megawatts)
2008
Green energy is making up an increasingly large portion of the global energy mix after a decade of falling costs.
Now, wind and solar power are at a tipping point as more efficient turbines and panels push renewable energy costs below those of fossil fuels.
Europe is leading the charge to cleaner power, according to Goldman Sachs Research.
Source: European Commission,
Goldman Sachs Global Investment Research
21.8
Nordic Countries
2022-23
40%
New technologies including bifacial solar panels and trackers are helping improve efficiency and reduce costs.
renewable energy initiatives will require about
Source: Bloomberg, Goldman Sachs Global Investment Research, Renewables Now
The International Energy Agency has increased its forecast for global solar capacity in 2030 more than since 2006.