Bloomberg NEF’s New Energy Outlook report looked at how the demand for renewables is set to grow and clarifies that aggressive decarbonisation will be needed beyond 2030 to keep temperature increases below 1.5 degrees Celsius.
The New Energy Outlook combined the expertise of over 65 market and technology specialists in 12 countries to provide a unique view of how the market will evolve.
The outlook predicts that global power demand will grow by 62 per cent between now and 2050, equating to 1.5 per cent a year.
The report says that energy storage installations around the world will multiply exponentially, from a modest 9GW/17GWh deployed as of 2018 to 1,095GW/2,850GWh by 2040.
Coal is set to collapse everywhere in the world, except Asia and peaks globally in 2026. By 2032, there is more wind and solar electricity in the world than coal-fired electricity.
Read the story from ClimateAction by Rachel Cooper - “Aggressive decarbonisation needed to limit global temperature rise to 1.5C.”
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