The report identified 14 of the 48 as developing nations, exempt from emissions caps under the Kyoto Protocol.
Speaking at the 18th World Petroleum Congress in late September, Worldwatch Institute president Christopher Flavin said traditional energy markets had reached a “tipping point”.
“The question for oil executives is whether you're in the oil business or the energy business," Flavin told more than 5000 delegates to the congress.
“Production of biofuels, wind power, and solar energy are all growing at rates of 20-30% per year, compared with growth rates of 2% for oil and gas.
“New energy sources are attracting roughly $30 billion in investment annually.”
Flavin said that global energy markets were already beginning to feel the shift, citing China’s commitment to establishing 10% of its total energy from renewable sources.
With a current installed capacity of 37GW, China is the global leader in renewable electricity capacity, the report said, followed by Germany, the United States, Spain and Japan.
The report identified photovoltaic-based solar energy as the fastest-growing renewable energy source, with global capacity increasing by 60% from 2000 to 2004, projecting the rise would increase as both improved technologies and economies of scale reduced the initial costs.
"Solar and wind power costs are now half what they were 10-15 years ago," the Worldwatch report said.
“Many renewable technologies can compete with retail and even wholesale prices of conventional technology under good conditions.”
