Wind and solar batteries are set to attract $10tn of investment by 2050, according to a projection by Bloomberg New Energy Finance (BNEF). Rapid declines in the cost of the technology will cause funding to grow considerably over the next three decades, with renewables set to account for 48% of the world's energy supply. Wind and solar grow from 7% of generation today to 48% by 2050. The report says that renewable power is expected to be cheaper than fossil fuels within five years, but it warns that costs could rise as rapidly as 50% if governments fail to act on climate change.
Wind and solar batteries are set to attract $10tn of investment by 2050, according to a projection by Bloomberg New Energy Finance (BNEF). Rapid declines in the cost of the technology will cause funding to grow considerably over the next three decades, with renewables set to account for 48% of the world's energy supply. The report says that renewable power is expected to be cheaper than fossil fuels within five years, but it warns that costs could rise as rapidly as 50% if governments fail to act on climate change.