What most of us (those likely to read my blogs and posts) have always known, worked towards, or at least been quietly optimistic about. The energy transition, or Energiewende, has been a long hard slog, and there is much, much work to be done. What is now though pretty apparent, from most non Koch Brothers funded research and analysis is that renewables have won, and handsomely. That said the forces pushing back are still strong, some presidents, if not presidential, and many secret and well funded, and some just big old (but influential) energy dinosaurs. We need to keep pushing harder and faster to bring this conclusion to a swift reality.
This year’s report suggests that the greening of the world’s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles, in balancing supply and demand,” said Seb Henbest, lead author of NEO 2017 at BNEF. New renewable energy power plants are expected to account for $7.4 trillion, or 72% of the total investment expected for new power plants through to 2040, with solar accounting for $2.8 trillion and wind $3.3 trillion. This investment is expected to help solar see a whopping 14-fold increase in capacity, while wind will increase fourfold, and by 2040 both will account for 48% of the world’s installed electricity capacity, and 34% of electricity generation, compared with 12% and 5% now.