BNEF Report Highlights Shift in Fossil Fuel Use for Electricity, and Rise of Renewables Investments and Energy Share
Bloomberg New Energy Finance underlines coal and gas will begin their terminal decline in less than a decade, in contrast to a projected rise in renewable technologies thanks to cost-effectiveness and more.
Communities and industries have long utilized fossil fuels to operate profitably and produce, deliver, and maintain goods and services on which people depend. That dynamic will not change in the foreseeable future, but a change in power markets and advances in technologies is driving updated projections when it comes to fossil fuels contributing to electricity generation.
The way we get electricity is about to change dramatically, as the era of ever-expanding demand for fossil fuels comes to an end—in less than a decade. That’s according to a new forecast by Bloomberg New Energy Finance that plots out global power markets for the next 25 years.
Team Gemini works in a variety of industries to help advance sustainable applications of energy generation. From electricity, thermal energy, and production of biofuels, effectively using abundant resources like the sun, wind, and waste (including biomass) are part of an increasingly-relevant and growing infrastructure that powers communities and businesses.
The report highlights a number of key findings that contribute to the overall shift in fossil fuel applications for electric power generation, including:
There Will Be No Golden Age of Gas
The costs of wind and solar power are falling too quickly for gas ever to dominate on a global scale, according to BNEF. The analysts reduced their long-term forecasts for coal and natural gas prices by a third for this year’s report, but even rock-bottom prices won’t be enough to derail a rapid global transition toward renewable energy.
Renewables Attract $7.8 Trillion
Humanity’s demand for electricity is still rising, and investments in fossil fuels will add up to $2.1 trillion through 2040. But that will be dwarfed by $7.8 trillion invested in renewables, including $3.4 trillion for solar, $3.1 trillion for wind, and $911 billion for hydro power.
Already, in many regions, the lifetime cost of wind and solar is less than the cost of building new fossil fuel plants, and that trend will continue. But by 2027, something remarkable happens. At that point, building new wind farms and solar fields will often be cheaper than running the existing coal and gas generators.
Ultimately, opportunities need to be matched with relevant resources in order to flourish. No single technology as of yet can provide all solutions combined, so Team Gemini and its members actively develop closed-loop project solutions involving resource recovery, bio-products, sustainable agriculture in crop farming and factory-animal farming, food processing, organic food production, waste processing, wastewater treatment, and more.
Additional options include vertical wind power technology integration (with existing horizontal wind farms) for increased power production, efficiency, and sustainability. Energy supply options also include Solar PV power storage and optimization, thermal energy production and distribution from any type of heat-recovery (with no additional energy cost), and, in general, design-engineering of carbon-clean production facilities.
Developing projects in a variety of sectors, Team Gemini actively works with technology providers, educational institutions, and others to develop and implement tailored solutions for different industries, communities, and stakeholders. These are mid- and long-term projects and initiatives that are intended and designed to positively impact communities’ Triple Bottom Line for many decades to come; setting the foundation for this goal is an evolving and ongoing process, but one that is projected to grow. Among other benefits, the goal is to increasingly contribute to local growth within a variety of work and educational sectors that ultimately impact everyone.
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