Wind, solar power output to surge

Wind and solar energy will account for about 50 percent of the total power produced in the world by 2050, aided largely by lower production costs, with China leading the revolution, a new report said.

According to the report from Bloomberg New Energy Finance, China will be at the forefront of the increased generation of clean energy, while power storage will benefit from the rapid advances in battery technologies. By 2050, China will take pole position in wind and solar energy market share, as well as the storage batteries market, the report said.

By 2050, China's total installed capacity in wind power (onshore and offshore) and solar power (utility-scale, distributed and photothermal) will reach 1,003 gigawatts and 1,137 gigawatts, accounting for 30 percent and 21 percent of the market share respectively. Its total installed capacity of storage batteries, including small and large-scale ones, is estimated to surpass 154 GW, which will be 14 percent of the global total.