Overall, $10.2 trillion will be invested in new global power generation between 2017 and 2040, with renewable power sources such as wind and solar accounting for almost three quarters of that, a report by Bloomberg New Energy Finance said.
By 2040, global emissions are expected to be 4 percent below 2016's levels, but an additional $5.3 trillion investment in renewable power would be needed by 2040 to keep rising global temperatures below 2 degrees Celsius (3.6 degrees Fahrenheit).
Under the 2015 Paris deal, more than 190 countries pledged to curb greenhouse gas emissions to keep planet-warming well below 2 degrees to stave off the worst effects of climate change.
The report said the costs of renewable power were expected to continue to fall, with the cost of solar tipped to fall by 66 percent by 2040.
The cost of offshore wind power is forecast to fall by 71 percent by 2040, helped in part by increased competition and economies of scale from larger projects and bigger turbines.
Read more at Global Power Sector Emissions to Peak in 2026: Report
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