More than half of electricity generation capacity in Europe will be from renewable energy sources by 2030, and the Asia-Pacific region will spend around $2.5 trillion over the next 16 years on green power technologies like wind, solar and hydro-electric.

These are some of the findings from Bloomberg New Energy Finance’s 2030 Market Outlook, released last week.

The report says the next decade and a half will see renewable energy raise its share of European electricity generation capacity from 40% in 2012, to 60% in 2030. The share of fossil-fuel sources such as coal and gas will fall from 48% to 27%, according to the 2030 Market Outlook, which is based on modelling of electricity market supply and demand, technology cost evolution and policy development in individual countries and regions.