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The latest @BloombergNEF New Energy Outlook dropped Tuesday morning: about.bnef.com/new-energy-out…. My take here and few thoughts follow: bloomberg.com/opinion/articl… via @bopinion 1/11
This time last year, BNEF expected CO2 emissions from the global power sector would peak in 2027. This time around, they think peak emissions has occurred already 2/11 
But while BNEF is optimistic about the power sector traveling a <2C path to 2030, much more needs to be done to stay on it past that. BP's latest statistical review of 2018 provided a warning in that regard ... 3/11
... as emissions jumped to a record. Renewables were the fastest growing source of power, but coal and gas also rose strongly. The latter's sheer scale means they only need to grow a little to offset wind & solar 4/11
Wind & solar's trump card is that they are manufactured, not extracted, energy. So costs fall rapidly (solar's is down 85% since '10). BNEF says they undercut new coal and gas plants in two-thirds of the world now, up from <1% just five years ago ... 5/11
... but competing with EXISTING fossil-plants is much tougher, as they only have to cover running costs. BNEF doesn't expect solar to beat existing coal in China until the late 2020s ... 6/11
... and in India, existing coal-fired power retains a cost advantage through 2039. The U.S., meanwhile, sticks out as major developed economy expected to stick with fossil fuels for a large portion of its power due to cheap shale gas 7/11
As my colleague @davidfickling points out in this thread, there is much to be encouraged about in the rapid progress made to date by decarbonization technologies ... 8/11
... Yet the power of incumbent 20th century energy sources makes the lack of clear pricing signals to accelerate development of low/zero-carbon alternatives a real obstacle - especially given the urgency of the issue: bloomberg.com/opinion/articl… via @bopinion 9/11
On this, it's been interesting to watch how some GOP pols faced with the #GND have tried to signal climate concern and "innovation" to solve the issue without wanting to actually institute price signals to encourage it ...: bloomberg.com/opinion/articl… via @bopinion 10/11
... But in doing so, they risk more drastic measures eventually being passed by their opponents as society wakes up to the impending risks and need to accelerate change: bloomberg.com/opinion/articl… via @bopinion 11/11
