Wind and solar power are set to make up almost half of electricity generation by 2050, but other sources will be needed to completely decarbonize the economy
Renewable sources such as these offshore Wind turbines will be increasingly important in future energy systems. Photographer: Matthew Lloyd/BloombergWind and solar power are now the cheapest way to add new power in two thirds of countries around the world and they will make up almost half of the electricity system by 2050, a new report claims.
The Outlook suggests that new wind and solar farms, often with battery storage, will be able to produce power more cheaply – without subsidies – than already-built coal and gas plants almost everywhere in the world by 2030. As a result, the role of coal in the global power mix will fall from 37% today to just 12% by 2050 while oil as a power-generating source will be virtually eliminated, as wind and solar grow from 7% of generation today to 48% by 2050.
“The days when direct supports such as feed-in tariffs are needed are coming to an end,” said Elena Giannakopoulou, head of energy economics at BNEF. “Still, to achieve this level of transition and decarbonization, other policy changes will be required – namely, the reforming of power markets to ensure wind, solar, and batteries are remunerated properly for their contributions to the grid.
The outlook for global emissions and keeping temperature increases to 2C or less is mixed, according to this year’s NEO. “On the one hand, the build-out of solar, wind and batteries will put the world on a path that is compatible with these objectives at least until 2030. On the other hand, a lot more will need to be done beyond that date to keep the world on that 2-degree path,” the report says.
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