April 27, 2022
SIMPLE ECONOMICS:
Renewables to be "the new baseload" by 2030, says McKinsey (Sophie Vorrath, 27 April 2022, Renew Economy)
Solar and wind power are on track to become the new baseload electricity supply for global energy markets as early as 2030, and to relegate thermal generation from coal and gas to the role of back-up, a major new report has found.In its 2022 Global Energy Perspective, leading global consultancy McKinsey & Company says renewable energy is on track to account for 50% of the world's power mix by 2030, and around 85% by 2050, thanks to the increasing cost competitiveness of new solar and wind capacity.
Those market forces will drive the transition even more quickly than that.
Posted by Orrin Judd at April 27, 2022 8:23 AM