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.
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