The annual New Energy Outlook (NEO) published this month by Bloomberg NEF indicates wind and solar are set to further dominate energy markets.
By 2050, the NEO estimates these sources will provide ‘50% of world generation’ as costs tumble and investment increases.
“We see $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,” said Seb Henbest, head of Europe, Middle East and Africa for BNEF and lead author of NEO 2018. “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.”