Solar to dominate energy by 2035, but AI data centers will keep fossil fuels in business
A new report from BloombergNEF predicts that solar energy will become the dominant power source by 2035, surpassing fossil fuels. This transition is driven by economic factors, as solar becomes increasingly affordable. However, data centers are expected to continue relying on fossil fuels for a significant portion of their energy needs due to their operational capabilities.
- ▪Solar energy is projected to become the largest source of power, overtaking coal, oil, and natural gas.
- ▪Data centers will drive significant demand for energy, but fossil fuels are expected to provide over half of their incremental generation by 2050.
- ▪Solar panel prices are anticipated to drop by another 30% by 2035, making it more competitive than coal and natural gas.
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Solar will become the largest source of power in the next decade, surpassing coal, oil and natural gas, according to a new report from BloombergNEF. The tectonic shift will occur alongside a historic rise in the use of energy driven by AI and the electrification of entire industries. “Solar is winning the race,” Matthias Kimmel, head of energy economics at BloombergNEF, told TechCrunch. BloombergNEF expects the shift to happen on economic grounds alone — solar is simply too cheap to ignore. Pakistan, for example, has added 25 gigawatts of solar power in the last two years after natural gas prices spiked following Russia’s invasion of Ukraine. The transition could be even swifter if countries take more aggressive measures to curb their carbon emissions.
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