Energy Forecast: The Economy Will Shift From Using Two-Thirds Fossil Fuels in 2017 to Two-Thirds Renewable Energy in 2050

Bloomberg publishes a long-term economic analysis of the world’s power sector up to 2050 each year, called New Energy Outlook (NEO). NEO* 2018 sees $11.5 trillion to be invested internationally in new power generation capacity between 2018 and 2050, with 73 percent going to wind and solar and a further $1.5 trillion other zero-carbon technologies such as hydro and nuclear. NEO also predicts that cheap renewable energy and batteries will fundamentally reshape the electricity system, as the economy transitions from two-thirds of fossil fuels in 2017 to two-thirds of renewable energy in 2050. By 2050, wind and solar technology will provide close to half of the total electricity globally with hydro, nuclear and other renewables. NEO expects by the end of 2050, only 29% of the electricity production worldwide to result from burning fossil fuels, down from 63% today. The outlook also reports the cost of an average photovoltaic power plant and wind energy are expected to fall by 71% and 58% by 2050. In a global perspective, by 2050, renewables will supply 87% of electricity in Europe, 55% in the U.S., 62% in China, and 75% in India. To view more, please visit https://about.bnef.com/new-energy-outlook/#toc-download