The global energy system based on hydrocarbons is undergoing a foundational shift. Global demand for electricity is expected to rise by more than 80 percent from 2010 to 2040, driven by increases in population and GDP. Approximately 20 percent of global electricity generation now comes from renewable energy sources. Renewables accounted for over half of total net additions to electricity generating capacity worldwide in 2012. Energy generation from renewables is expected to increase by almost three times its 2010 level in 2035, with the share in energy generation mix increasing to 31 percent (KPMG, 2013).
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Credit: Institute of Fiscal Studies
