15 Jun '17, 12pm

Renewables Are Expected to Dominate Global Power Generation by 2040

Renewables Are Expected to Dominate Global Power Generation by 2040

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, 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 plan...

Full article: https://www.greentechmedia.com/articles/read/renewables-e...

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