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According to new forecasts released this week by Bloomberg New Energy Finance, the continued decline in the cost of wind, solar and battery storage technologies will push renewables to account for nearly 50%
of the global electricity mix by 2050.
Bloomberg New Energy Finance (BNEF) this week released its NEO 2019, an annual comparison
of competing energy technologies based on balancing the cost of energy analysis.
Not only does the report find that wind, solar and battery storage will help propel renewables to account for 48 percent of the global energy grid, but it also suggests that these technologies should ensure that the global power sector plays an important role
in curbing rising global temperatures.
The report also revealed that wind or solar is now the lowest-cost option
for two-thirds of the world's next-generation generation capacity.
This is good news for a number of reasons, not least as electricity demand is expected to increase by 62% between 2018 and 2050, resulting in a nearly tripling
of global power generation.
This, in turn, will attract $13.
3 trillion in electricity investment, of which $5.
3 trillion will go to wind energy, 4??.
$2 trillion for solar energy
.
Another $840 billion is spent on batteries and $11.
4 trillion is spent on grid expansion efforts
.
"Our power system analysis underscores a key message from the previous new energy outlook: solar PV modules, wind turbines and lithium-ion batteries will continue to follow a positive cost reduction curve
.
By 2030, the energy generated or stored and sent by these three technologies will weaken the electricity of existing coal and gas plants," said
Matthias Kimmel, principal analyst at NEO.
What's more, the projected growth of renewables in 2030 does not depend on new direct subsidies
for existing technologies such as wind and solar.
"The days of direct support such as feed-in tariffs are coming to an end," said Elena Giannakopoulou, head of energy economics at BNEF, "Nevertheless, other policy changes, namely the reform
of electricity markets, are needed to achieve this level of transformation and decarbonization.
" ”
According to new forecasts released this week by Bloomberg New Energy Finance, the continued decline in the cost of wind, solar and battery storage technologies will push renewables to account for nearly 50%
of the global electricity mix by 2050.
Bloomberg New Energy Finance (BNEF) this week released its NEO 2019, an annual comparison
of competing energy technologies based on balancing the cost of energy analysis.
Not only does the report find that wind, solar and battery storage will help propel renewables to account for 48 percent of the global energy grid, but it also suggests that these technologies should ensure that the global power sector plays an important role
in curbing rising global temperatures.
The report also revealed that wind or solar is now the lowest-cost option
for two-thirds of the world's next-generation generation capacity.
This is good news for a number of reasons, not least as electricity demand is expected to increase by 62% between 2018 and 2050, resulting in a nearly tripling
of global power generation.
This, in turn, will attract $13.
3 trillion in electricity investment, of which $5.
3 trillion will go to wind energy, 4??.
$2 trillion for solar energy
.
Another $840 billion is spent on batteries and $11.
4 trillion is spent on grid expansion efforts
.
"Our power system analysis underscores a key message from the previous new energy outlook: solar PV modules, wind turbines and lithium-ion batteries will continue to follow a positive cost reduction curve
.
By 2030, the energy generated or stored and sent by these three technologies will weaken the electricity of existing coal and gas plants," said
Matthias Kimmel, principal analyst at NEO.
What's more, the projected growth of renewables in 2030 does not depend on new direct subsidies
for existing technologies such as wind and solar.
"The days of direct support such as feed-in tariffs are coming to an end," said Elena Giannakopoulou, head of energy economics at BNEF, "Nevertheless, other policy changes, namely the reform
of electricity markets, are needed to achieve this level of transformation and decarbonization.
" ”
