US$1 trillion green market ‘by 2030 ‘

Global sales from clean energy sources like wind, solar, geothermal power and biofuels could grow to as much as US$1 trillion a year by 2030, Reuters reported US bank Morgan Stanley as saying on Thursday.

Global population growth and soaring prices for fossil fuels are driving the market, along with dropping costs in clean energy and concern about energy security and climate change, the report said.

As a comparison, the gross domestic product of the the US, the world’s largest economy, hit US$13.2 trillion last year.

"The global risks posed by climate change are driving spending and investment in clean energy solutions," the bank was quoted as saying.

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