This is the end of the fossil fuel age as we know it, says r

Fossil fuels are holding on, but end of their reign is nigh, says a new report from Bloomberg New Energy Finance, which predicts that wind and solar will be cheaper than coal and gas generators by 2027, and electric vehicles could make up 25 percent of the global car fleet by 2040.

The peak year for coal, gas, and oil looks to be 2025, and then it’s all downhill from there. For big oil guys, at least. "You can't fight the future," says lead researcher, Seb Henbest. "The economics are increasingly locked in."

Released on Monday, Bloomberg’s New Energy Outlook report has found that US$11.4 trillion will be invested in new energy sources over the next 25 years, and two thirds of that will go towards renewables, particularly wind and solar. 

Any new coal plants will mostly be cropping up in India and other emerging markets in Asia. 

The report explains:

"Cheaper coal and cheaper gas will not derail the transformation and decarbonisation of the world’s power systems. By 2040, zero-emission energy sources will make up 60 percent of installed capacity.

Wind and solar will account for 64 percent of the 8.6TW [1 Terawatt = 1,000 Gigawatts] of new power generating capacity added worldwide over the next 25 years, and for almost 60 percent of the $11.4 trillion invested."

The report predicts that coal, gas, and oil will peak by 2025, and will hit its final decline even sooner than that, concluding that, "coal and gas will begin their terminal decline in less than a decade".