By 2040, wind and solar will make up nearly half of the world's installed generation capacity, up from just 12 percent now, and account for 34 percent of all the power generated, compared with 5 percent at the moment, BNEF concluded.
The data suggest wind and solar are quickly becoming major sources of electricity, brushing aside perceptions that they're too expensive to rival traditional fuels. It is usually highest in spring due to the combined effect of increasing daylight hours and seasonal wind patterns.
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The report said the costs of renewable power were expected to continue to fall, with the cost of solar tipped to fall by 66 percent by 2040. But past year, in some states, wind and solar made up significantly more than 10 percent of monthly electricity generation. The general public has a huge appetite for Renewable Energy investments and with ISS being the largest and most sophisticated developer of Solar Farm projects it just makes sense that large funds would be created as vehicles to allow smaller investors to finally recognize the large profits that larger institutional type investors have been able to recognize on Utility Scale Solar Farms for decades now.
As Julian Spector at Green Tech Media reports, those numbers will likely go up. Overall, about 7 percent of USA electricity comes from wind and solar annually, up from less than 1 percent a decade ago. BNEF expects the nation's coal-power capacity in 2040 will be about half of what it is now after older plants come offline and are replaced by cheaper and less-polluting sources such as gas and renewables.
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Today, coal accounts for over 40% of the world's electricity production.
Renewables are taking off in the rest of the world as well. That same sunny, windy day, Germany powered two-thirds of its electricity demand using renewables. This has resulted in an increased demand for specialists and engineers in renewable energy.
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Tim Buckley, Director of the Institute for Energy Economics and Financial Analysis (IEEFA), said: "For the first time, solar is cheaper than coal in India and the implications this has for transforming global energy markets are profound".