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The Rise of Wind/Solar and The Fall of Coal


Renewable energy is ready to produce close to five 50% of the world's energy by 2050, largely owing to falling battery prices.

That's per a brand new report from Bloomberg New Energy Finance, that takes a long-term examination of the world's energy production.

According to the report, major gains in renewable energy production will return as a results of vast strides in battery technology. Power storage is amongst the largest bottlenecks to the widespread adoption of renewable energy sources like star and wind.

The report additionally suggests that the average cost of developing a solar photovoltaic plant is anticipated to drop by 71% within the next thirty years. The cost of putting in a utility-scale wind generation plant is anticipated to drop by 58% over the same time frame.

Coal is anticipated to be the biggest loser within ongoing battle for energy dominance: Bloomberg NEF expects coal to provide solely 11% of the world's power desires by 2050, down from 38% today.

In the first quarter of 2018, solar accounted for 55% of all US electricity added, according to a new report from the Solar Energy Industries Association. That's more than any other type of electricity.

Batteries are also getting cheaper and more efficient at storing power from renewable sources, which are inherently less regular than the burning of gas or coal.

Overall, Bloomberg NEF expects $11.5 trillion will be invested in the renewable energy market between 2018 and 2050, with $8.4 trillion of that going to wind and solar and a further $1.5 trillion going to carbon-neutral power sources like nuclear and hydro.

Sources
Bloomberg NEF