46 BLOOMBERG MARKETS
Peaker plants, which are more respon-
sive to changing needs, will push growth.
State programs and lower costs
will encourage investment in utility-scale.Coal-fired electricity will peak in China
in 2027 and in India in 2038.Most New Gas Power
Will Be On-Demand
Battery Investors
Go BigIn Asia, Coal Will Rise,
But Fall AgainThe Old World Will Move the Fastest
The Money Is Headed for the Windmills
$ 4 of Every $ 10 Spent on
New Capacity Will Go to Asia
Most regions are moving toward cleaner energy generation but not at the same
pace. Europe is forecast to be almost fossil fuel-free by 2050. The U.S. lags the world.
Over the next 30 years, the world will invest about $2 trillion in new electrical
capacity from fossil fuels and more than $11 trillion in zero-carbon technologies.The region will get $5.8 trillion in new capacity investments through 2050,
roughly three-quarters of which will go to China and India.
Forecast investment in new capacity in selected nations through 2050 Forecast investment in new capacity
through 2050Cumulative installed capacityShare of energy generated from renewables, including hydroForecast investment in new capacity through 2050Real 2018 U.S. dollarsU.K. France Japan Germany U.S. India ChinaGigawattsEstimate and forecast by regionEurope
38%U.S.’19 ’5019%43%China28%62%India19%63%92%Electricity generated from coal
Terawatt-hoursChina
India3k’12 ’50 0Peaker gasCombined cycle gasFossil fuels Zero-carbon sources2019 2050Other
Oil$3t0Small-scale
batteries
$322bUtility-scale
batteries
$521b0 2k 4k 6kOnshore wind
$4.0tUtility-scale
photovoltaics
$2.6tSmall-
scale PV
$1.6tOff-
shore
wind
$1.2tGas
$1.1tNuclear $0.8tPeaker gas Hydro $0.7t
$0.8t Coal