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Global sales from clean energy sources like wind, solar and geothermal power and biofuels could grow to as much as $1 trillion a year by 2030, U.S. bank Morgan Stanley has estimated.

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 bank said in a research note issued on Wednesday. 

On the market's upside, revenues could reach $505 billion in 2020, or nearly nine times the level in 2005, and hit $1.02 trillion 10 years later, the bank said.As a comparison, the gross domestic product of the United States, the world's largest economy, hit $13.2 trillion last year."

The global risks posed by climate change are driving spending and investment in clean energy solutions, which (unlike the oil shock that spawned the first wave of energy solutions in the 1970s) is durable and accelerating," Morgan Stanley said in the note. ...

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