Report: Renewable shift coming by 2035

Source: By KELSEY TAMBORRINO, Politico • Posted: Thursday, October 18, 2018

The age of oil and gas will be knocked from its reign by renewables within the next 20 years, a new report from Wood Mackenzie found. The energy advisory firm’s report, which looked at the global energy transition, found that the tipping point will arrive by 2035, when between 15 percent to 20 percent of global power needs will come from solar or wind, “enough to displace the equivalent of roughly 100 [billion cubic feet per day] of gas demand.” The report also found that by 2035, upward of 15 percent to 20 percent of “all miles traveled globally by cars, trucks, buses and bikes will use electric motors rather than gasoline or diesel.”

After the so-called point of singularity, “adoption rates for renewable generation and electrified transport increase rapidly as they become the default choice across many energy systems around the world,” the report said. “So much so that half of all new power plants constructed globally are either solar or wind, or a hybrid combination with storage.”