Solar, Wind Provide Almost 50% of Electricity Globally by 2050, says Report

The report further added that, “By 2050, we expect only 29 percent of the electricity production worldwide to result from burning fossil fuels, down from 63 percent today.”

The solar and wind technology will account for almost half of the total electricity globally, according to the Bloomberg New Energy Finance (BNEF).

Of this, hydro, nuclear and other renewables taking total zero-carbon electricity up to 71 percent.

“By 2050, wind and solar technology provide almost 50 percent of total electricity globally – “50 by 50” – with hydro, nuclear and other renewables taking total zero-carbon electricity up to 71 percent,” stated Bloomberg New Energy Outlook 2018 report, released by BNEF.

The report further added that, “By 2050, we expect only 29 percent of the electricity production worldwide to result from burning fossil fuels, down from 63 percent today.”

However, the report cited the reason behind major renewable shift that, this dramatic shift to “50 by 50” is being driven by cheap solar PV, cheap wind, and falling battery costs. The cost of an average PV plant falls by 71 percent by 2050.

Besides, BNEF outlook also forecasted that, wind energy is getting cheaper too, and we expect it to drop by 58 percent by 2050.

Also, PV and wind are already cheaper than building new large-scale coal and gas plants. Batteries are also dropping dramatically in cost.

Commenting on the latest NEO outlook, BNEF’s Seb Henbest said, “We see USD 548 billion being invested in battery capacity by 2050, two thirds of that at the grid level and one third installed behind-the-meter by households and businesses.”

Henbest further added that, “The arrival of cheap battery storage will mean that it becomes increasingly possible to finesse the delivery of electricity from wind and solar, so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining. The result will be renewables eating up more and more of the existing market for coal, gas and nuclear.”