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In its 2019 New Energy Outlook report, Bloomberg New Energy Finance (BNEF) predicts that by 2050, global electricity demand will increase by 62%, global power generation will double, and wind and solar power will account for half of the global electricity supply
.
The report believes that coal will show a decline in any region except Asia
.
By 2032, wind and solar power will surpass coal-fired power
.
It is expected that coal's share of the global electricity mix will fall from 37% today to 12%
by 2050 as the share of oil as a power source gradually declines.
Regionally, Western Europe's economies are already on a strong decarbonization path
thanks to carbon pricing and strong policy support.
Renewables are expected to account for 90% of Europe's electricity mix by 2040, with wind and solar power accounting for 80%.
The United States, which has cheap natural gas, and China, which has more coal-fired power plants, have been relatively slow
to transform.
Emissions from China's power sector are expected to peak by 2026 and fall by more than
half in 20 years thereafter.
By 2050, wind and solar power generation will grow from 8% today to 48%.
Wind and solar are now the most cost-effective options for adding new generation capacity in much of the world, the report revealed,
By 2050, solar, wind, batteries and other renewable energy sources will attract $10 trillion in investment, including wind power, which will attract $5.
3 trillion and solar energy will attract $4.
2 trillion
.
But the report warns that other technologies
are needed to curb emissions.
Lead analyst Matthias Kimmel said solar PV modules, wind turbines and lithium-ion batteries will continue to significantly reduce costs by 28%, 14% and 18%
respectively.
However, its global installed capacity is expected to double
.
In its 2019 New Energy Outlook report, Bloomberg New Energy Finance (BNEF) predicts that by 2050, global electricity demand will increase by 62%, global power generation will double, and wind and solar power will account for half of the global electricity supply
.
The report believes that coal will show a decline in any region except Asia
.
By 2032, wind and solar power will surpass coal-fired power
.
It is expected that coal's share of the global electricity mix will fall from 37% today to 12%
by 2050 as the share of oil as a power source gradually declines.
Regionally, Western Europe's economies are already on a strong decarbonization path
thanks to carbon pricing and strong policy support.
Renewables are expected to account for 90% of Europe's electricity mix by 2040, with wind and solar power accounting for 80%.
The United States, which has cheap natural gas, and China, which has more coal-fired power plants, have been relatively slow
to transform.
Emissions from China's power sector are expected to peak by 2026 and fall by more than
half in 20 years thereafter.
By 2050, wind and solar power generation will grow from 8% today to 48%.
Wind and solar are now the most cost-effective options for adding new generation capacity in much of the world, the report revealed,
By 2050, solar, wind, batteries and other renewable energy sources will attract $10 trillion in investment, including wind power, which will attract $5.
3 trillion and solar energy will attract $4.
2 trillion
.
But the report warns that other technologies
are needed to curb emissions.
Lead analyst Matthias Kimmel said solar PV modules, wind turbines and lithium-ion batteries will continue to significantly reduce costs by 28%, 14% and 18%
respectively.
However, its global installed capacity is expected to double
.
