Renewable energy cost declines continue to outpace what analysts predicted even just one year ago. According to Bloomberg New Energy Finance’s latest installment of the annual New Energy Outlook report, which models the global energy mix out to 2040, renewables will capture 72 percent of the $10.2 trillion spent on new generation in the next 23 years, and will produce 51 percent of global power generation in 2040. That’s the global average, which means in certain places, zero-carbon penetration will be even higher. All renewables will supply more than 80 percent of power in Mexico, Chile, Brazil and Italy, for instance. Solar and wind alone will produce more than 50 percent of generation in Australia, Germany, Mexico and the United Kingdom. In just the next five years, large-scale solar will be cheaper than new coal plants in essentially all major economies. This global shift amounts to a dethroning of coal: BNEF predicts 87 percent less coal power in Europe and 51 percent less in the United States.