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Wind and solar power are the cheapest forms of new generation renewable energy in most parts of the world today.
Last week, the International Energy Agency said that wind and solar power are starting to overtake coal as the cheapest form of electricity. But there is an economic limit to the growth of these renewable energy sources.
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Marine industry facing risks of wind energy revolution
The shift to renewables is likely to transform a number of industries, especially shipping. A third of the kilometers of cargo carried by ships comes from transporting fossil fuels around the world, and 70% of that share is oil.
As renewables gain market share for oil, gas and coal, the shipping companies that supply these fuels will suffer. “It is very likely that there will be a reduction in demand for sea and rail transport, which could mean lower energy consumption and lower emissions,” said Henbest.
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More renewable energy for homes
Using wind energy to heat homes and power electric cars can save energy and reduce emissions, according to the report. An electric vehicle consumes up to three times less energy than a conventional combustion engine. Switching to heat pumps instead of traditional gas boilers would make heating buildings much more efficient by several multiples.
Melting old steel and remaking it is estimated to be five times more energy efficient than making the material from scratch. In power generation, BNEF estimates that coal is also one of the most inefficient ways to produce electricity, as 65% of the energy is lost in the process of burning the fuel.
