Statkraft is forecasting that solar PV will become the largest source of power generation from 2035.
The Norwegian developer’s Low Emissions Scenario report, released in time for UK Wind Week, predicts a three-fold increase in global power capacity to 2050 with more than the entire increase expected to be covered by renewable energy.
The Low Emissions Scenario projects and details how energy usage, and the renewable energy industry, will change across Europe in the next 30 years.
It has also analysed the potential barriers Europe could face in the transition, and what their consequences would be.
The findings suggest that the world’s energy-related CO2 emissions will fall by 47% towards 2050, following a 2 degree Celsius pathway.
Emission-free hydrogen will play an increasing role bridging the transition to renewables where direct electrification is a challenge.
Statkraft UK managing director David Flood said: “As we draw closer to COP26, it’s more important than ever to look to the future and, in particular, the pathway to net zero.
“Our Low Emissions Scenario outlines our projections for the decades ahead and shows how different events could impact a low emission future.
“These findings complement our own mission to develop at least 8GW of wind and solar power by 2025 – building a cleaner, greener future of energy generation”.
The demand for primary energy (created at source) in 2050 will be the same level as it is today, as a result of lower economic growth as a result of the Covid-19 pandemic, significant electrification and energy efficiency improvements, Statkraft suggests.
Lockdown measures have reduced travelling, increased the use of digital solutions and resulted in a sharp fall in consumption, and if these measures lead to permanent changes after the restrictions are lifted and the pandemic is over, the long-term effects on energy systems may be greater than expected, it said, accelerating the transition.
The report also says that renewable energy appears to be the only source of energy to have experienced production growth in 2020 despite the Covid-19 pandemic.
UK Wind Week will run from the 23 to 27 November.