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 Big
In Asia, Coal Will Rise,
But Fall Again
The 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 2050
Cumulative installed capacity
Share of energy generated from renewables, including hydro
Forecast investment in new capacity through 2050
Real 2018 U.S. dollars
U.K. France Japan Germany U.S. India China
Gigawatts
Estimate and forecast by region
Europe
38%
U.S.
’19 ’50
19%
43%
China
28%
62%
India
19%
63%
92%
Electricity generated from coal
Terawatt-hours
China
India
3k
’12 ’50 0
Peaker gas
Combined cycle gas
Fossil fuels Zero-carbon sources
2019 2050
Other
Oil
$3t
0
Small-scale
batteries
$322b
Utility-scale
batteries
$521b
0 2k 4k 6k
Onshore wind
$4.0t
Utility-scale
photovoltaics
$2.6t
Small-
scale PV
$1.6t
Off-
shore
wind
$1.2t
Gas
$1.1t
Nuclear $0.8t
Peaker gas Hydro $0.7t
$0.8t Coal