Renewable energy can reach 48% of the world's electricity in the next few years


Industry Dynamics



According to the 2019 New Energy Outlook report released by the research institute, the energy share of wind energy, solar energy and battery energy storage. The report not only found that wind energy, solar and battery storage will help drive renewable energy to account for 48% of the global energy grid, but also shows that these technologies can be used to ensure that the global power sector plays an important role in preventing global temperature rise.

The report also stated that wind and solar energy are the lowest cost choices for two-thirds of the world's new generation capacity. This is a good sign. In particular, our demand for electricity demand is expected to increase by 62% between 2018 and 2050, which has tripled global power generation. In fact, in different respects, this will also lead to 13.3 trillion US dollars in power investment construction, of which 5.3 trillion US dollars for wind energy, and others for solar energy, battery and power grid expansion work.

“Our power system analysis highlights a key message from the previous new energy outlook: solar PV modules, wind turbines and lithium-ion batteries will continue to adopt aggressive cost reduction routes. By 2030, the energy produced by these three technologies will be greatly reduced. Electricity from existing coal and natural gas plants," said NEO Principal Analyst Matthias Kimmel.

More importantly, the expected growth in renewable energy in 2030 will no longer depend on new subsidies for technologies such as wind and solar. Elena Giannakopoulou, head of energy finance at BNEF, said, "Despite this, in order to achieve this level of technological transformation and decarbonization, other policy changes, that is, reforms in the electricity market, are needed. ”