A new energy report predicts that coal, gas, and oil will peak by 2025. And after that? Apparently, it’s all downhill
According to the recently released report from Bloomberg New Energy Finance, renewables will likely be generating cheaper energy by 2027 than existing coal, gas, and oil refineries.
Furthermore, the study says that electric vehicles could potentially make up 25 percent of the global car fleet by 2040, and it goes on to add that, also by 2040, zero-emission energy sources will likely make up 60 percent of our installed capacity.
The report was generated through, and combines the knowledge of, 65 country and technology specialists from 11 different countries. These individuals came together to predict how the market will likely evolve in the coming years.
Specifically, wind and solar will account for 64 percent of the 8.6TW [1 Terawatt = 1,000 Gigawatts] of new power generating capacity added worldwide over the next 25 years, and for almost 60 percent of the $11.4 trillion invested.
But despite this good news for the environment, the report also noted that, even as renewables rise and fossil fuels fall, it won’t still be enough to keep the global warming increase to less than the 2 degrees Celsius (3.6 degrees Fahrenheit) that was targeted at the 2015 Paris Climate Conference.
“Some US$7.8 trillion will be invested globally in renewables between 2016 and 2040, two-thirds of the investment in all power generating capacity, but it would require trillions more to bring world emissions onto a track compatible with the United Nations 2 degrees Celsius climate target,” says lead researcher Seb Henbest.
To know more about the impending doom for fossil fuels and the rise of renewable, the Bloomberg New Energy Finance may be accessed here.