For decades, coal-fired power stations have been among the biggest contributors to the accumulation of greenhouse gases in the atmosphere. Now, as climate change moves near the top of the world agenda, a sizeable investment opportunity is emerging for coal power equipment manufacturers and companies that build power plants and coal producers. This is one of many conclusions reached at AllianceBernstein after two years of research into the investment implications of climate change. Our analysts conducted more than 500 visits and interviews with companies, consultants, scientists and legislators. ...But renewable energy is not the cure for the world's addiction to fossil fuels, our research found. Wind power, solar energy and hydropower have compelling advantages, such as inexhaustible fuel supply and minimal emissions of CO2. But initial costs, reliability and transmission problems are severe disadvantages. We expect renewable energy, including hydropower, to gain market share, growing from 17% of global electric output this year to 19.5% in 2030. But wind power will supply only 5% of total world electricity in 2030, even after a 10-fold leap in global production.