According to a report by Bloomberg News Energy Finance, of the $10.2 trillion that is expected to be invested in new power by 2040, 72%, or $7.2 trillion, is expected to go to renewables. Renewable energy investment is expected to increase by 2-3% annually. The cost of new electricity from solar PV will drop by 66% by 2040, meaning that a dollar would be able to buy 2.3 times as much solar energy than it does today. Onshore wind will fall 47%, but offshore wind will decline by 71% because of competition, reduced risk, and larger projects and turbines. China and India are reported to lead energy investments, with each country taking up 28% and 11% of global energy investments by 2040. Wind and solar energy are estimated to take up a third of these of investments. The report says that European investment in renewables will increase by 2.6% annually until 2040, which means that total investments in renewables across Europe will reach almost 1$ trillion over the 2017-2040 period. In the Americas, it is estimated that there will be a $1.5 trillion investment in renewable energy by 2040, and in the US specifically, coal consumption is expected to drop by 45%. In Mexico, renewables are expected to make up 80% of total electricity by 2040, which is four times what it is today. The nation will become 29% more efficient in its electricity consumption by that time. The report predicts that global power sector emissions will peak by 2026 and decline by 1% annually until 2040.
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Bloomberg News Energy Finance
June 15, 2017
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