The continuing decline in costs for wind, solar, and battery storage technology will drive a global power grid half-powered by renewables by 2050, according to new projections published this week by Bloomberg New Energy Finance.
Global electricity demand is expected to reach approximately 38,700 terawatt-hours (TWh) by 2050 according to Bloomberg New Energy Finance, up from 25,000 TWh in 2017 and driving significant new investment in power generating capacity.
Bloomberg New Energy Finance released its latest New Energy Outlook report for 2018 and it’s good news for the renewable energy industry, with wind and solar expected to grow to almost 50% by 2050, coal to shrink to 11% of global electricity generation, and batteries to increase in popularity as prices plummet.
Ever-decreasing coal and gas prices will not halt the overall global transition to renewable energy, according to Bloomberg New Energy Finance’s annual long-term forecast. Bloomberg New Energy Finance’s (BNEF) Long-term projections of the global energy sector, or NEO 2016, was released this week, providing a forecast for the future of the energy … [continued]
