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Friday, June 28th, 2019

Bloomberg predicts wind and solar will power half the world and bag $9 trillion investment

Author:     Kelvin Ross
Source:     Renewable Energy
Publication Date:     June 20, 2019
 Link: Bloomberg predicts wind and solar will power half the world and bag $9 trillion investment
Stephan:   Here is some really good news about the transition out of the carbon-energy era. There was a time when the United States would have been leading the way in this transition, but that time is long in the past. Instead, the Trump administration is doing everything it can to keep carbon-energy alive and well. It is a sad and pathetic story that is going to affect a generation through lost jobs, lost entrepreneurship, lost business opportunities and, most of all, lost environmental improvement. We will leave carbon eventually, there isn't going to be any other choice, but we will do so as followers using equipment manufactured in other countries. To download the full report discussed in this article, click here.

Wind or solar now represent the least expensive option for adding new power generation capacity in approximately two-thirds of the world.

And further falls in technology will see the two leading forms of renewable energy powering nearly half of the global grid by 2050 and attracting $9.5 trillion in new investment between now and then.

Those are two of the headline findings from the latest New Energy Outlook report from BloombergNEF (BNEF), which was unveiled yesterday and compares the costs of competing energy technologies through a levelized cost of energy analysis.

At Bloomberg’s Sustainable Business Summit in London yesterday, BNEF chief executive Jon Moore said: “The good news for the energy transition is that the destination is getting much clearer. In two-thirds of the world, solar and wind are the cheapest energy technologies bar none.”

BNEF says that with electricity demand set to increase 62 per cent, global generating capacity will almost triple between now and 2050 – which in turn will attract $13.3 trillion in new investment, of which wind will take $5.3 trillion and solar $4.2 trillion.

In addition to the spending on new generating plants, $840bn will go to batteries and $11.4 trillion to grid expansion.

And wind and […]

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