Wind and solar will account for 50% of global power generation by 2050, with growth driven by further steep cost falls and a boom in cheap battery storage, according to the latest annual New Energy Outlook from analysts Bloomberg New Energy Finance (BNEF).

The ’50 by 50’ prediction reflects what BNEF said will be “the huge impact that falling battery costs will have on the electricity mix over the coming decades” – especially as electric vehicle deployment drives scale and innovation in the storage sector through the 2020s.