New Energy To Take Over By 2050

'Renewables to provide 83% power generation in 2050'; Electricity production’s share in global energy mix will more than double over the next 30 years, says DNV

13 October 2022 (ReNews.Biz), October 13, 2022

“…[DNV’s Energy Transition Outlook] forecasts renewables will account for 83% of electricity production by 2050…mainly because of the growing and greening of electricity production…Electricity production will more than double and its share will grow from 19% to 36% of the global energy mix over the next 30 years…Solar PV and wind are already the cheapest form of electricity in most locations and by 2050 they will grow 20-fold and 10-fold respectively and will dominate electricity production with 38% and 31% shares…

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…Renewables expenditure is expected to double over the next 10 years to more than $1300bn per year, and grid expenditure is likely to exceed $1000bn per year in 2030…European gas consumption will fall dramatically as a result of the war in Ukraine…[and in 2050] it will meet just 10% of Europe’s energy demand…compared with 25% today...

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…[But high] energy and food prices are reversing the coal-to-gas switch and putting a dampener on decarbonization investments…[T]he share of gas in the Indian subcontinent’s energy mix will reduce from 11% to 7% in the next five years, while the share of coal will increase…[The date] the EV share of new vehicle sales surpasses 50% has been delayed by one year to 2033…” click here for more

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