“By 2050, renewables supply 87 percent of electricity in Europe, 55 percent in the US, 62 percent in China and 75 percent in India.”
The Bloomberg New Energy Finance (BNEF) in its latest New Energy Outlook 2018 (NEO) has forecasted that the renewable energy supply will account of 75 percent of electricity in India by 2050.
On the global outlook, BNEF said in its latest NEO 2018 report that, “By 2050, renewables supply 87 percent of electricity in Europe, 55 percent in the US, 62 percent in China and 75 percent in India.”
The report further added that, “India has the cheapest new wind and solar anywhere in the world. This poses a profound challenge to the orthodoxy there that coal is forever king.”
“While we expect coal-fired electricity to continue to grow in India in the short to medium term, by 2050 wind and solar dominate, supported by batteries and flexible gas. This pushes India’s emissions 22 percent below what they are today,” BNEF forecasted.
The BNEF’s NEO 2018 outlook saw, USD 11.5 trillion being invested globally in new power generation capacity between 2018 and 2050, with USD 8.4 trillion of that going to wind and solar and a further USD 1.5 trillion to other zero-carbon technologies such as hydro and nuclear.
According to the report, cheap renewable energy and batteries fundamentally reshape the electricity system, as we shift from two-thirds fossil fuels in 2017, to two-thirds renewable energy in 2050.