Mubasher: Wind and solar energy sources are expected to reach 50% of world generation by 2050, according to a report by Bloomberg New Energy Finance (BNEF).

Cost reduction will lead to renewable sources and batteries getting cheaper, with higher efficiency allowing for enabling electricity storage and to meet the shifts in supply and demand.

Bloomberg focused in its New Energy Outlook 2018 report on the declining battery costs, and its effect on the energy mix for years to come.

The report predicts that lithium-ion battery prices will continue to decrease as electric vehicle manufacturing expands in the next decade, having already declined by 80% per megawatt-hour since 2010.