“Renewables are poised to ‘dominate’ global power generation by 2040, according to Bloomberg New Energy Finance‘s annual New Energy Outlook report. Renewables are projected to garner over $7 trillion in estimated investment in the sectors, supplying the majority of energy for most countries across the world. This shows the power of CleanTech and its feasibility in drastically reducing carbon emissions!”
– Marcus Deans, CleanTech Academy Graduate & WEtech Alliance Intern
Via GREENTECH MEDIA – July 6, 2017
Renewable energy cost declines continue to outpace what analysts predicted just one year ago.
That’s the upshot from Bloomberg New Energy Finance’s latest installment of the annual New Energy Outlook report, which models the global energy mix out to 2040. The authors predict renewables will capture 72 percent of the $10.2 trillion spent on new generation in the next 23 years, and will produce 51 percent of global power generation in 2040.
That’s the global average, which means in certain places, zero-carbon penetration will be even higher, explained lead author Seb Henbest. All renewables will supply more than 80 percent of power in Mexico, Chile, Brazil and Italy, for instance. Solar and wind alone will produce more than 50 percent of generation in Australia, Germany, Mexico and the United Kingdom.
In just the next five years, large-scale solar will be cheaper than new coal plants in essentially all major economies.