Wind power currently generates 2.6% of the world's electricity, but the resource could make up an 18% share by 2050, according to a new report from the International Energy Agency (IEA).
In order to achieve this, however, the report says global wind power must increase eight- to ten-fold from its nearly 300 GW today. That would require a jump from 2012's $78 billion in investment to $150 billion annually, the report adds.
In 2009, the IEA originally forecast that wind power could represent a 12% global share, but the agency says it has increased its long-term target because of recent technology improvements and a "changing global energy context."
The new report says China will replace Europe as the top wind power producer by 2020 or 2025, with the U.S. ranking third. Nonetheless, the IEA says the global wind sector faces various challenges going forward, including grid integration, funding and overall public acceptance.Â
The full report can be found HERE.