The shift to renewable will happen as countries will target to meet European Union’s (EU) aim to generate about one fifth of their power mix from renewable sources by 2020.
The EU’s target of achieving 20% energy consumption from renewables by 2020 is driving the member countries to adopt renewable power sources at the expense of fossil fuels.
Most of the EU states will increase investment in renewable energy in the next five years to achieve targets by 2020.
In Europe, wind power projects lead in terms of renewable power generation with $300bn worth of projects are being developed in 13 of the 16 countries, said the report.
With around $182bn, the UK has the highest-value project pipeline in this sector, as it invested massively in offshore wind farms.
Germany will hold the second place with a value of $37.9bn and it has the most expensive project worth $2.7bn compared against the UK’s top project, $37.5bn Crown Round III offshore wind farm development.
With an investment value of $42.9bn, hydroelectric will be at the second place behind wind. Switzerland has the highest-value project pipeline in this sector with around $12.2bn investment.
Timetric CIC manager to Neil Martin said: "Nuclear power should decline given the opt-out by Germany, while renewables will increase to take up the power demand as the EU follows its strategy of 20% of energy consumption being met by renewables by 2020.
"Europe’s economic performance will ultimately determine expansion in demand for power use and generation, and affect each country’s performance in meeting the targets set by the EU."
