Is this the end of fossil fuel?

          Fossil fuel is one of the key sources of energy on Earth. But according to the report published by Bloomberg New Energy Finance, the end of fossil fuel is near. Renewable Energy especially wind and solar will rule the world for next few centuries. According to the report, the deteriorating prices of coal and gas will not disrupt the transformation and decarbonisation of the world’s power system. By 2040, the zero emission sources of energy will be accountable for 60 percent of the total energy generation.

          The report states that, $ 11.4 trillion will be invested in power generation, out of which $7.8 trillion will be capitalised for renewable energy, only $2.1 trillion will be spent on fossil fuels. The stage for renewable energy has been set at Paris Agreement where various governments across the world vowed to end fossil fuel era. Representatives of more than 170 nations have validated Paris Agreement to control carbon emission.

          The report also forecasts that, the cost of wind energy is estimated to drop by 41 percent and with the progression in technology in solar power; the cost of utility based solar power could drop by 60 percent by the year 2040. By the year 2027, the cost of wind and solar power will get economical as compared to coal and gas. If these predictions come true, then pricing could be the main driving factor for the world to adapt to renewable sources of energy.

          The report also proposes that, in next 25 years electric vehicles will play a major role in the world transport system. According to Bloomberg New Energy Finance, electric vehicles will make up about 25 percent of the global car fleet and will guzzle around 8 percent of the total energy produced worldwide. Well, if this could be accomplished then, it will be a pretty phenomenal achievement. We would be moving around the world at a minimal cost of transportation and without causing any harm to the environment.  

Some of the key findings of the report are:-

• Coal & Gas prices will stay low.
• Drastic decline in Wind and Solar power cost.
• Asia-Pacific will remain central in investment.
• Electric cars, the next thriving industry.
• Economical storage solution of electricity worldwide.
• India will be the key to future global emission trend.
• Renewable Energy to dominate the world.

         Most of the Asian nations including India are witnessing a rapid upsurge in electricity demand due to their economic and demographic expansion. Renewable sources of energy seem to be the best option to feed this demand supply gap.

          A lot has been predicted by Bloomberg New Energy Finance. Planet Earth will be in a changed state if world meets the goal as predicted. I feel, we as an individual should also take a vow to opt for sustainable living habit and make this world a better place to live.