Question: Consider the following statement regarding New Energy Outlook Report, 2019:
(1) Wind and solar energy make up almost 50% of world electricity in 2050
(2) Coal energy continues to grow in Asia, but collapses everywhere else and peaks globally in 2026
Correct statement/s is/are:
(a) Only (1)
(b) Only (2)
(c) Both(1) and (2)
(d) None of the above
Answer: (c)
Related facts:
- In order to outline the status of global energy industry, New Energy Outlook 2019 report was published by Bloomberg NEF (BNEF).
Findings of the Report:
- Wind and solar make up almost 50% of world electricity in 2050 – 50 by 50 – and help put the power sector on track for 2 degrees to at least 2030.
- A 12 TW expansion of generating capacity requires about $13.3 trillion of new investment between now and 2050 – 77% of which goes to renewables.
- Europe decarbonizes furthest, fastest. Coal-heavy China and gas-heavy U.S. play catch-up.
- Wind and solar are now cheapest across more than two-thirds of the world. By 2030 they undercut commissioned coal and gas almost everywhere.
- Consumer energy decisions such as rooftop solar and behind-the-meter batteries help shape an increasingly decentralized grid the world over.
- Batteries, gas peakers and dynamic demand help wind and solar reach more than 80% penetration in some markets.
- Coal continues to grow in Asia, but collapses everywhere else and peaks globally in 2026.
- Gas-fired power grows just 0.6% per year to 2050, supplying system back-up and flexibility rather than bulk electricity in most markets.
- Making heat and transport electric lowers emissions. The challenge is scale.
- To keep an electrified energy sector on a 2-degree trajectory, we will need to deploy additional zero-carbon technologies that are dispatchable and economic running at low capacity factors, or technology that can capture and sequester emissions at scale.