Wednesday, June 15, 2016

Global electricity output from wind and solar will surpass nuclear electricity in 8 years and coal – in 20 years

Bloomberg's  New Energy Outlook 2016 forecasts a significantly lower track for global coal, gas and oil prices than previous projection,  and also shows a steeper decline for wind and solar costs. BNEF’s long-term forecast sees $11.4 trillion investment in global power generation capacity over 25 years, with electric vehicles boosting electricity demand by 8% in 2040.
The renewables take lion’s share - about $7.8 trillion with onshore and offshore wind attracting $3.1 trillion, utility-scale, rooftop and other small-scale solar $3.4 trillion, and hydro-electric $911 billion. However, the world would need to invest another $5.3 trillion in zero-carbon power by 2040 to prevent CO2 in the atmosphere rising above the IPCC’s ‘safe’ limit of 450 parts per million. Read more at