EVs To Represent 10% Of India's Total Passenger Vehicle Fleet In 2040, Says Bloomberg Study

As dependence on conventional fossil fuels abates considerably all over the world in the coming years, electricity generated by wind, sun and batteries will define the way power is generated.

As dependence on conventional fossil fuels abates considerably all over the world in the coming years, electricity generated by wind, sun and batteries will define the way power is generated. The share of coal will shrink to just 11percent of global electricity generation by mid-century, from 38 percent now. As for vehicles powered by lithium-ion batteries, the scenario looks promising as, by 2040, 55 percent of all new car sales and 33 percent of the global fleet will be electric.

These observations form part of a study published by Bloomberg New Energy Finance (BNEF), an industry research firm focused on helping energy professionals generate opportunities. The New Energy Outlook (NEO) 2018 BNEF 150 pages report highlights the huge impact the falling battery costs will have on electricity mix over the coming decades. “India is a priority country for Bloomberg globally, one whose power and transport sectors are expected to fundamentally change by mid-century with its economic transformation,” said Jon Moore, CEO, Bloomberg NEF. He was addressing media in the Capital.

“We will continue to track key changes such as the electrification of transport and the transition to a lower carbon power sector. In power generation alone, we are expecting to see a $1.6 trillion investment opportunity for investors by 2050,” Moore added.