Renewable energy investment to reach $10tr

Drastically reduced costs will mean that wind, solar and battery technology will account for half of the grid energy requirements worldwide by 2050.

The prediction, by BloombergNEF (BNEF) in its New Energy Outlook 2019 (NEO), also notes that in approximately two-thirds of the world, wind or solar now represent the least expensive option for adding new power-generating capacity.

The report also finds that electricity demand is set to increase 62 per cent, attracting $13.3tr in new investment, of which wind will take $5.3tr and solar $4.2tr. In addition, $840bn will go to batteries and $11.4tr in grid expansion.

Coal use will further reduce, from 37 per cent at present to 12 per cent by 2050, and oil will disappear as an energy producer, with Europe will decarbonising fastest with 92 per cent of its electricity supplied by renewables in 2050.

China sees its power sector emissions peaking in 2026, and then falling, whilst Asia’s electricity demand will more than double to 2050. The Asia Pacific region will account for half of all new investment.

Highlights of the report here.

    Share Story:

Recent Stories