Global 50% Electricity From Solar And Wind Energy In 2050 PV LCOE Will Drop 71%

- Jun 24, 2018 -

According to the 2018 New Energy Outlook Report released by Bloomberg New Energy Finance (BNEF), between 2018 and 2050, the world will invest $11.5 trillion in new generation capacity, of which $8.4 trillion will be invested in wind and solar energy, and $1.5 trillion. Invest in other zero carbon technologies such as hydropower and nuclear power.

BNEF predicts that by 2050, the world will receive 50% of the electricity from wind and solar energy due to the cost reduction and the arrival of cheap batteries. Photovoltaic capacity will increase by 17 times and wind capacity will increase by 6 times. By 2050, the LCOE for new PV power plants and onshore wind farms is expected to drop by 71% and 58%, respectively.

BNEF also predicts that as EV manufacturing continues to prosper, lithium-ion battery prices will continue to decline. According to SebHenbest, the lead author of the Outlook Report, by 2050, the battery storage industry will invest US$548 billion, of which two-thirds will be used at the grid level and one-third will support smart meters.

According to the report, coal's share of global power generation will decrease from 38% to 11% by 2050, because it cannot compete with wind and solar power in terms of large generation costs, and batteries and natural gas are more flexible.

Gas-fired generation is expected to increase by 15% between 2017 and 2050, but its share of global electricity will fall from 21% to 15%.

By 2050, the penetration rate of renewable energy in Europe will reach 87%, 55% in the United States, 62% in China, and 75% in India. In Australia, photovoltaics and batteries will account for 43% of total electricity capacity. .

The report further predicts that by 2050, electric vehicles and electric buses will account for 9% of global electricity demand.

BNEF predicts that global power industry emissions will rise by 2%, peak by 2027, and then drop by 38% by 2050.

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