The ongoing Covid-19 pandemic will save around two-and-a-half years worth of energy sector emissions due to the stark drop in energy demand between now and 2050, according to research company BloombergNEF (BNEF).
BNEF’s latest projection of the evolution of the global energy system over the next 30 years shows that emissions from fuel combustion peaked in 2019. Down approximately 10 per cent in 2020 as a result of the Covid-19 pandemic, energy emissions rise again with economic recovery, but never again reach 2019 levels. From 2027 on, they fall at a rate of 0.7 per cent per year to 2050.
“This prospect is based on a huge build-out of super-competitive wind and solar power, the uptake of electric vehicles and improved energy efficiency across industries,” BNEF said in statement.
Together, wind and solar account for 56 per cent of global electricity generation by mid-century and together with batteries take 80 per cent of the $15.1 trillion invested in new power capacity over the next 30 years. An additional $14 trillion is invested in the grid to 2050.
“Coal-fired power peaks in China in 2027 and India in 2030, collapsing to 12 per cent of global electricity generation in 2050.