With Germany mandating that all new cars sold by 2030 be electric, and electricity becoming cheaper than fossil fuels, reports are indicating that regardless of what the oil industry may say, a switch to renewable forms of energy production is well underway.
The BNEF report contains several key predictions. When it comes to solar power, BNEF analysts think a reduction in the cost of developing, financing and operating new utility-scale solar installations will help drive costs lower. The projections foresee the spread of rooftop solar in Europe, Australia and the U.S., and soon in India and China as well.
By 2040, the BNEF report finds, Germany, Mexico, the UK and Australia will "all have average wind and solar penetration of more than 50 percent."
According to the report, an increase in solar and wind power generation will be accompanied by a decrease in coal and gas power plants over the next 25 years. But some coal plants will still be needed, particularly in developing countries like China and India.
|We're Running Out of Sand|
|Keep an Eye on Irene With New York Times' Beautiful Hurricane Tracker|
|"Nichols really does intend to force automakers to eventually sell nothing but electrics."|
|30% of Germany's Electricity is Green|
|“The greatest economic crisis of our age: the one still awaiting us.”|
|"Cells have the capacity to process and respond to instructions and codes inputted into their main system."|
|Making a Movie Inside a Video Game|
|How to Avoid Jury Duty|
|“If you don’t remember any of these countries from geography class, you’re not alone.”|
|“Clicking on a Facebook advert may reveal things about yourself you don’t want anyone to know.”|
|"They’ve managed to plant, tend, and harvest an acre and a half of barley using only autonomous vehicles."|
|“Instead of consuming fossil fuels, it would then feed surplus electricity into the grid.”|
|Google Map Shows You the Most Photographed Areas of the World|