Global emissions of greenhouse gases from the power sector are expected to peak in 2026, but they will still be above the levels needed to limit temperature rises in line with the Paris climate agreement, research has shown.

A report by Bloomberg New Energy Finance (BNEF) (www.newenergyfinance.com) says that $10.2 trillion will be invested in new global power generation facilities between 2017 and 2040, with renewable power sources such as wind and solar accounting for almost three quarters of that.

By 2040, global emissions are expected to be 4% below 2016’s levels, but an additional $5.3 trillion investment in renewable power would be needed by 2040 to keep rising global temperatures below 2°C.

Under the 2015 Paris deal, more than 190 countries pledged to curb their greenhouse-gas emissions to keep ‘planet warming’ well below 2°C and staveoff the worst effects of climate change; the report says that the costs of renewable power will continue to fall, with the cost of solar power expected to fall by 66% by 2040.

Meanwhile, the cost of offshore wind power is expected to fall by 71% by 2040, helped in part by increased competition and economies of scale from larger projects and bigger turbines.

BNEF analyst Seb Henbest, the report's lead author, said: “The greening of the world’s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, plus a growing role for batteries, including those in electric vehicles.”