In the 2019 BP Energy Outlook, the Evolving Transition’ (ET) scenario, renewables in power generation (solar, wind, geothermal, biomass) are with 7.6% p.a the fastest growing energy source.
In fact, renewables account for around two-thirds of the increase in global power generation, and will become the single largest source of global power generation by 2040.
Both wind and solar power grow rapidly – increasing by a factor of 5 and 10 respectively – accounting for broadly similar increments to global power.
This rapid growth is aided by continuing pronounced falls in the costs of wind and solar power as they move down their learning curves, according to BP.
See also “Oil still important in 2040“.
