Solar, wind, batteries, hydrogen are the four Musketeers of our clean energy future, which will protect our oceans from the effects of global warming. On June 15, the lastest Bloomberg Energy Report concluded that renewable energy will soon be more profitable than coal or oil. The energy transition will soon surf the wave of profitability.
As global temperatures rise, our oceans are dying. The Antarctic ice caps are melting at a dramatic rate, 70% of the Great Barrier Reef’s coral is irreversibly bleached, and the oceans are acidifying. The entire food chain—from plankton to the largest marine mammals—is under threat. In the face of these changes, scientists are unanimous: we must stop consuming fossil fuels. Today, there is hope for the transition to clean energy. Race for Water vessel is proof that a mix of renewable energies is a viable alternative. This verdict is supported by a report that Bloomberg New Energy Finance (BNEF) released a few weeks ago. The report’s conclusions are unequivocal: solar and wind energy will supply more than a third of the world’s energy by 2040.
BNEF phrased its predictions eloquently: dramatic decreases in the production costs of solar energy mean that in only five years, renewable energy will be cheaper than coal in many countries, including China, the UK, and India.
Solar and wind energy will achieve a competitive edge by receiving 72% of worldwide investment in new electricity production between now and 2040. BNEF values that investment at $7.4 billion, according to an analysis of the field data that it compiles each year when preparing its report on the future of energy. “Costs of new energy technologies are falling in a way that it’s more a matter of when than if,” says the report’s lead author Seb Henbest, quoted in an article on Bloomberg’s website. Still, it’s important to remember that these projections are for informational purposes only, and that there are lots of unknown.
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