Climate Changed
Coal Is Being Squeezed Out of Power by Cheap Renewables
- BNEF outlook signals clean energy reaping most of investment
- Wind and solar will be cheaper than coal, gas more flexible
Photographer: Luke Sharrett/Bloomberg
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Coal will be increasingly squeezed out of the power generation market over the next three decades as the cost of renewables plunges and technology improves the flexibility of grids globally.
That’s the conclusion of a report by Bloomberg New Energy Finance, which estimated some $11.5 trillion of investment will go into electricity generation between now and 2050. Of that, 85 percent, or $9.8 trillion, will go into wind, solar and other zero-emissions technologies such as hydro and nuclear, the London-based researcher said.