New Energy Outlook 2017 (Bloomberg New Energy Finance)
Some key findings from the Executive Summary:
- Global power demand grows by 58% between now and 2040, or 2% per year. Growth in power demand increasingly decouples from GDP, however – we expect the intensity of electricity consumption per unit of GDP to fall by 27% over 2016-40.
- We expect $10.2 trillion to be invested in new power generation capacity worldwide to 2040. Of this, 72% goes to renewables, or $7.4 trillion. Solar takes $2.8 trillion and wind $3.3 trillion. Investment in renewable energy increases to around $400 billion per year by 2040, a 2-3% average annual increase. Investment in wind grows faster than solar – wind increasing 3.4% and solar 2.3% per year on average.
- Wind and solar account for 48% of installed capacity and 34% of electricity generation world-wide by 2040. This is compared with just 12% and 5% today. Installed solar capacity increases 14-fold and wind capacity fourfold by 2040. We anticipate renewable energy reaching 74% penetration in Germany, 38% in the U.S., 55% in China and 49% in India by 2040 as batteries and new sources of flexibility bolster the reach of renewables.
