Variable renewable energy will deliver over 60% of global power mix in 2050... equal share of 31% each from wind and solar PV

The present fossil-heavy power mix will undergo a dramatic change and be dominated by renewables by 2050. While hydropower also contributes, the biggest change, and the largest producers of power, will be solar PV and wind, with solar PV equalling the sum of onshore, offshore fixed and offshore floating wind. Floating offshore wind will be an exciting new market with 250 GW installed producing 2% of global power in 2050.

Already today, new solar PV and wind are the cheapest forms of new power many places, and within a decade will start to outcompete existing coal and gas power. This will happen despite solar and wind receiving lower average prices than hydropwer and fossil power that can produce on demand.

Such a large share of renewables will need increased connectivity, storage and demand-response, all of which will increase grid investments. Over the next 30 years, USD 20trn will be invested grids globally.