BNEF predicts renewable costs to plummet
According to analysis from Bloomberg New Energy Finance (BNEF), solar costs will fall a further 66% by 2040. Published on Thursday 15 June, the analyst's New Energy Outlook predicted onshore wind costs will fall 47%, while offshore wind levelized costs will fall by 71% by 2040. BNEF predicted that renewables will udnercut the majority of existing fossil power stations by 2030. Compared to a year earlier, BNEF said the forecast showed earlier progress towards decarbonisation of the world's power system. It also said globak emissions are projected to peak in 2026 and be 4% lower in 2040 than they were in 2016. BNEF Lead Authour Seb Henbest commented: "This year's report suggests that the greening of the world's electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles, in balancing supply and demand."