7. Bloomberg: Renewables are winning
According to New Energy Outlook 2016
, the latest long-term forecast from Bloomberg New Energy Finance, we are on the eve of a fundamental transformation of the world electricity system. Renewable sources such as wind and solar and balancing options such as batteries will boom.
Wind and solar costs fall sharply. The levelised costs of generation per MWh for onshore wind will fall 41% by 2040, and solar photovoltaics by 60%, making these two technologies the cheapest ways of producing electricity in many countries during the 2020s and in most of the world in the 2030s.
However, the report also makes clear that much more needs to be done to keep the global greenhouse gas emissions under control. Bloomberg explicitly refers to India as one of the countries where much more needs to be done: "That makes India the key to the future global emissions trend. Its electricity demand is forecast to grow 3.8 times between 2016 and 2040. Despite investing $611bn in renewables in the next 24 years, and $115 billion in nuclear, it will continue to rely heavily on coal power stations to meet rising demand. This is forecast to result in a trebling of its annual power sector emissions by 2040