The scale of the global solar and wind boom is still poorly understood within the energy industry and certainly within important media and political circles. Simply put, it is gargantuan!
A new report from Bloomberg New Energy Finance underlines just how big the global solar and wind tsunamis are. BNEF forecasts that wind and solar will be 33% of global generation capacity by 2030.
Today wind and solar total 7% of global electric generation capacity. BNEF forecasts that wind jumps from today's 5% of global capacity to 17% by 2030, while solar soars from 2% today to 16%.
While wind and solar will constitute 33% of global capacity, if BNEF is accurate, they will not provide 33% of electric power produced by 2030. Due to the lower but improving capacity factors of wind and solar, they may provide between 10% to 15% of all electricity actually produced by 2030.