For the Swiss banking giant, large solar power plants in the near future will lead to investments of $3 trillion by 2050.
The numbers are simply staggering: a study by the giant Swiss bank UBS says that the photovoltaic market is expected to boom with an exponential increase in investment in solar panels reaching $3,000 billion by 2050 and covering 25% of global demand, compared to the current 4%.
But what will enable this huge leap forward?
For UBS it will be the fundamental design of mega plants along the lines of those American plants which reach 5,200 megawatts as against the average power generation of small domestic installations producing 3 kilowatts, especially in Europe, featuring the PV system type.
Embracing the sun is a more and more strategic choice for nations to reduce emissions of CO2, but also to reduce our dependency on oil and fossil fuels, whose stocks are always the hands of the same number of countries.
According to UBS, this boom will be driven primarily from Asia but also from the United States due to its geographical location and above average solar irradiation as well as its laws supporting renewables.
However, the UBS study also reports the astonishing fact that “the financial community and the majority of experts underestimate the growth of solar in the world” and that “the opening of new solar markets are going completely unnoticed”; although the major global energy companies are taking steps, some wisely in advance of competitors, and with considerable advantages.
For the Swiss bank the most active companies are: the Portuguese EDP, Huaneng and Huadian Fuxin of China, Nextera and SunEdison in the US, and, we are pleased to report, Italy’s very own Enel Green Power.