Europe will be 70% renewable by 2040
Publication date: 23 June 2016
The significant and constant development of renewables has been confirmed in the “New Energy Outlook 2016” compiled by Bloomberg New Energy Finance, which explains that the production of renewable energy is estimated to double in the next decades.
The use of renewable energy is going to rapidly grow in the next few years, both in Europe and the United States. Thanks to a drop in production costs of windmill blades and solar panels, clean energy sources will meet 70% of the electricity demand in the countries of the Old Continent by 2040. And in the United States renewables will exceed gas.
The advance of renewables will be ensured by the drop in the prices of solar (-60% by 2040) and wind technology (-41%). So, in 2020 these will become the cheapest energy sources in many countries of the world, and almost everywhere in the Planet by 2030.
The electricity demand, instead, is likely to increase, even thanks to electric vehicles: these, according to Bloomberg, will make up 35% of all cars sold in 2040, with about 41 million units worldwide. The battery market will also develop as the needs to stock photovoltaic production increase.
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