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[H1] Strategic research
[H1] to generate opportunities
BNEF provides clear perspectives on global commodity markets and the technologies driving the energy transition, empowering decision-makers to navigate disruptive trends in an evolving energy economy.

WE DELIVER
[H1] Strategic research
[H1] to generate opportunities
BNEF provides clear perspectives on global commodity markets and the technologies driving the energy transition, empowering decision-makers to navigate disruptive trends in an evolving energy economy.

WE DELIVER
[H1] Strategic research
[H1] to generate opportunities
BNEF provides clear perspectives on global commodity markets and the technologies driving the energy transition, empowering decision-makers to navigate disruptive trends in an evolving energy economy.

[H3] Trending research

[H3] New Energy Outlook 2026

Clean Energy
· May 19, 2026

[H3] BloombergNEF’s New Energy Outlook 2026: Transition to Newer Technologies, Expanded Electrification to Strengthen Nations’ Energy Security

Clean Energy
· May 19, 2026

[H3] Energy Transition Bank Financing Struggles to Pull Ahead of Fossil Fuels in Asia

Finance
· May 14, 2026

[H3] Energy Storage Enters the 100-Gigawatt Era: Three Things to Know

Clean Energy
· May 7, 2026

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[H4] Global Gas and LNG Outlooks

[H4] Transition Metals

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INSIGHTS
[H1] New Energy Outlook 2026
The New Energy Outlook presents BloombergNEF’s long-term energy and climate scenarios for the transition to a low-carbon economy. Anchored in real-world sector and country transitions, it provides an independent set of credible scenarios covering electricity, industry, buildings and transport, and the key drivers shaping these sectors until 2050.

Download Executive Summary

INSIGHTS
[H1] New Energy Outlook 2026
The New Energy Outlook presents BloombergNEF’s long-term energy and climate scenarios for the transition to a low-carbon economy. Anchored in real-world sector and country transitions, it provides an independent set of credible scenarios covering electricity, industry, buildings and transport, and the key drivers shaping these sectors until 2050.

Download Executive Summary

INSIGHTS
[H1] New Energy Outlook 2026
The New Energy Outlook presents BloombergNEF’s long-term energy and climate scenarios for the transition to a low-carbon economy. Anchored in real-world sector and country transitions, it provides an independent set of credible scenarios covering electricity, industry, buildings and transport, and the key drivers shaping these sectors until 2050.

Download Executive Summary

[H2] NEO 2026 Executive Summary Preview
[H3] The route to 2035 and beyond
The 2026 edition presents a new base-case scenario and a major update to our well-below-2C climate scenario. Against a backdrop of geopolitical tension and rising electricity demand, this year’s outlook explores how the global energy system may evolve as countries seek to balance resilience, affordability and decarbonization. The report examines how renewables, batteries, electric vehicles, nuclear and next-generation technologies are reshaping energy globally and within key markets.

[H2] The transition to new energy technologies improves resilience to fossil-fuel price shocks.
Energy security has risen to the top of the policy agenda. NEO 2026 finds that countries reliant on imported fossil fuels can materially reduce exposure to price shocks as electrification and clean power scale. As adoption of solar modules, batteries, heat pumps, electric vehicles, and other technologies accelerates, nations that are dependent on fossil fuels stand to improve their energy security under our base case. This can happen faster under the Net Zero Scenario.
[H3] Energy commodity import dependence by market and scenario in 2025, 2035 and 2050

[H4] Economic Transition Scenario

[H4] Net Zero Scenario

Source: BloombergNEF Trade Transition Scenario Tool, Sinoimex Global Trade Flow (GTF), GCAM. Note: Future imports scaled forward based on 2024 actuals, using domestic demand for related products and services under different scenarios. This projection assumes relative trade patterns remain static and uses the same GDP projections under both scenarios. Negative values indicate imports.

[H2] The transition to new energy technologies improves resilience to fossil-fuel price shocks.
Energy security has risen to the top of the policy agenda. NEO 2026 finds that countries reliant on imported fossil fuels can materially reduce exposure to price shocks as electrification and clean power scale. As adoption of solar modules, batteries, heat pumps, electric vehicles, and other technologies accelerates, nations that are dependent on fossil fuels stand to improve their energy security under our base case. This can happen faster under the Net Zero Scenario.
[H3] Energy commodity import dependence by market and scenario in 2025, 2035 and 2050

[H4] Economic Transition Scenario

[H4] Net Zero Scenario

Source: BloombergNEF Trade Transition Scenario Tool, Sinoimex Global Trade Flow (GTF), GCAM. Note: Future imports scaled forward based on 2024 actuals, using domestic demand for related products and services under different scenarios. This projection assumes relative trade patterns remain static and uses the same GDP projections under both scenarios. Negative values indicate imports.

[H2] The transition to new energy technologies improves resilience to fossil-fuel price shocks.
Energy security has risen to the top of the policy agenda. NEO 2026 finds that countries reliant on imported fossil fuels can materially reduce exposure to price shocks as electrification and clean power scale. As adoption of solar modules, batteries, heat pumps, electric vehicles, and other technologies accelerates, nations that are dependent on fossil fuels stand to improve their energy security under our base case. This can happen faster under the Net Zero Scenario.
[H3] Energy commodity import dependence by market and scenario in 2025, 2035 and 2050

[H4] Economic Transition Scenario

[H4] Net Zero Scenario

Source: BloombergNEF Trade Transition Scenario Tool, Sinoimex Global Trade Flow (GTF), GCAM. Note: Future imports scaled forward based on 2024 actuals, using domestic demand for related products and services under different scenarios. This projection assumes relative trade patterns remain static and uses the same GDP projections under both scenarios. Negative values indicate imports.

[H2] Strong fundamentals underpin growth in renewables, batteries and EVs
In the Economic Transition Scenario, emissions enter a gradual structural decline as clean technologies gain share based on economics alone. Most emissions reductions over the next decade come from clean power and electrification, with renewables displacing coal generation and electric vehicles slowing growth in oil demand. The Net Zero Scenario moves faster and further, combining accelerated deployment of renewables, batteries and EVs with large-scale use of hydrogen, carbon capture and sustainable fuels to drive deeper emissions reductions across industry, transport and buildings.

[H3] CO2 emissions reductions from fuel combustion by measures adopted, Economic Transition Scenario versus “no transition” scenario and Net Zero Scenario

Source: BloombergNEF. Note: The “no transition” scenario is a hypothetical counterfactual that models no further improvement in decarbonization and energy efficiency. In this scenario, clean tech build for power is capped at historical limits, with costs fixed at 2026 levels and no further decline; in buildings and transport, the fuel mix remains unchanged from 2026; in industry, the uptake of recycling and alternative primary production processes is limited. “Clean power” includes renewables and nuclear, and excludes carbon capture and storage (CCS), hydrogen and bioenergy, which are accounted for separately. “Energy efficiency” covers demand-side efficiency improvements and reductions in demand.

[H3] CO2 emissions reductions from fuel combustion by measures adopted, Economic Transition Scenario versus “no transition” scenario and Net Zero Scenario

Source: BloombergNEF. Note: The “no transition” scenario is a hypothetical counterfactual that models no further improvement in decarbonization and energy efficiency. In this scenario, clean tech build for power is capped at historical limits, with costs fixed at 2026 levels and no further decline; in buildings and transport, the fuel mix remains unchanged from 2026; in industry, the uptake of recycling and alternative primary production processes is limited. “Clean power” includes renewables and nuclear, and excludes carbon capture and storage (CCS), hydrogen and bioenergy, which are accounted for separately. “Energy efficiency” covers demand-side efficiency improvements and reductions in demand.

[H3] CO2 emissions reductions from fuel combustion by measures adopted, Economic Transition Scenario versus “no transition” scenario and Net Zero Scenario

Source: BloombergNEF. Note: The “no transition” scenario is a hypothetical counterfactual that models no further improvement in decarbonization and energy efficiency. In this scenario, clean tech build for power is capped at historical limits, with costs fixed at 2026 levels and no further decline; in buildings and transport, the fuel mix remains unchanged from 2026; in industry, the uptake of recycling and alternative primary production processes is limited. “Clean power” includes renewables and nuclear, and excludes carbon capture and storage (CCS), hydrogen and bioenergy, which are accounted for separately. “Energy efficiency” covers demand-side efficiency improvements and reductions in demand.

[H2] Many, many things get electrified
Rising demand makes electricity the world’s largest source of final energy in the coming decades in both of BNEF’s scenarios. Alongside electric vehicles and industry, data centers emerge as one of the fastest-growing drivers of new electricity demand, fueled by the rapid expansion of artificial intelligence. Meeting this demand requires a major buildout of capacity and grid infrastructure, as well as new sources of flexibility – reshaping power markets and investment priorities.
[H3] Drivers of electricity demand growth, Economic Transition Scenario

[H4] Absolute Growth

[H4] Growth Relative to 2025

Source: BloombergNEF

[H2] Many, many things get electrified
Rising demand makes electricity the world’s largest source of final energy in the coming decades in both of BNEF’s scenarios. Alongside electric vehicles and industry, data centers emerge as one of the fastest-growing drivers of new electricity demand, fueled by the rapid expansion of artificial intelligence. Meeting this demand requires a major buildout of capacity and grid infrastructure, as well as new sources of flexibility – reshaping power markets and investment priorities.
[H3] Drivers of electricity demand growth, Economic Transition Scenario

[H4] Absolute Growth

[H4] Growth Relative to 2025

Source: BloombergNEF

[H2] Many, many things get electrified
Rising demand makes electricity the world’s largest source of final energy in the coming decades in both of BNEF’s scenarios. Alongside electric vehicles and industry, data centers emerge as one of the fastest-growing drivers of new electricity demand, fueled by the rapid expansion of artificial intelligence. Meeting this demand requires a major buildout of capacity and grid infrastructure, as well as new sources of flexibility – reshaping power markets and investment priorities.
[H3] Drivers of electricity demand growth, Economic Transition Scenario

[H4] Absolute Growth

[H4] Growth Relative to 2025

Source: BloombergNEF

[H2] Download the executive summary and sample data
Enter your details below to download the Executive Summary and the Public Benchmark Dataset.
Bloomberg clients can access the Full Report and the Client Benchmark Dataset.

[H2] Report authors

[H4] David Hostert
Chief Economist, Lead author

[H4] Matthias Kimmel
Head of Energy Economics

[H4] Dr. Ian Berryman
Head of Energy Systems Modeling

[H4] Seohee Song
Energy Economics

[H4] Anushka Verma
Energy Economics

[H4] Kostas Pegios
Energy Systems Modeling

[H4] Alice He
Energy Systems Modeling

[H4] Amar Vasdev
Energy Economics

[H4] Rodrigo Quintero
Energy Economics

[H2] Co-authors

[H4] Allen Tom Abraham
Industry

[H4] Jenny Chase
Renewables

[H4] Caroline Chua
Scenarios

[H4] Helen Kou
Data centers

[H4] Fauziah Marzuki
Gas

[H4] Ethan Zindler
Summary findings

[H2] With support from

[H4] Estella Agyepong
Trade

[H4] Abdullah Alkattan
Middle East

[H4] Meredith Annex
Clean Power

[H4] Tushna Antia
Australia

[H4] Adithya Bhashyam
Europe

[H4] Tifenn Brandily
Trade

[H4] Tomas Butelman
Energy Economics

[H4] Forbes Chanthorn
Southeast Asia

[H4] Albert Cheung
Strategy

[H4] Claire Curry
Industry

[H4] Mark Daly
Data centers

[H4] Anastacia Davies
Renewable fuels

[H4] Kyle Disselkoen
Industry

[H4] David Doherty
Oil

[H4] Shannon Dong
China

[H4] Mbongeni Dube
Europe

[H4] Ryan Fisher
Electric vehicle charging

[H4] Laura Foroni
Power data

[H4] Chris Gadomski
Nuclear

[H4] Philip Geurts
Petrochemicals

[H4] Enrique Gonzalez
Gas

[H4] Andrew Grant
Electric vehicles

[H4] Lara Hayim
Solar

[H4] Julia Hung
Other Asia Pacific

[H4] Dr. Ali Izadi-Najafabadi
Asia Pacific

[H4] Shantanu Jaiswal
India and Southeast Asia

[H4] Shananthan Kalaichelvan
Electric vehicles

[H4] David Kang
Japan and South Korea

[H4] Isshu Kikuma
Batteries

[H4] Felix Kosasih
Southeast Asia

[H4] Nannan Kou
China

[H4] Reed Landberg
Editorial

[H4] Nathalie Limandibhratha
Data centers

[H4] Andrew Logan
Editorial

[H4] Claudio Lubis
Road and aviation fuels

[H4] Jinghong Lyu
Data centers

[H4] Sofia Maia
Power data

[H4] Colin McKerracher
Transport

[H4] Oliver Metcalfe
Wind

[H4] Stephan Mothe
Latin America

[H4] Nelson Nsitem
Africa

[H4] Vinicius Nunes
Latin America

[H4] Rose Oates
Renewable fuels

[H4] Shige Ogawa
Japan

[H4] Kokona Ota
Japan

[H4] Sofia Perelli-Rocco
Europe

[H4] Hanh Phan
Southeast Asia

[H4] Kate Power
Europe

[H4] Leonard Quong
Australia

[H4] Rafael Rabioglio
Latin America

[H4] Pietro Radoia
Solar

[H4] Peter Richard Wall
Grids

[H4] Daisy Robinson
Renewable fuels

[H4] Abhishek Rohatgi
Gas

[H4] Thomas Rowlands-Rees
North America

[H4] Umer Sadiq
Japan

[H4] Kesavarthiniy Savarimuthu
Europe

[H4] Kamala Schelling
Editorial

[H4] Yayoi Sekine
Batteries

[H4] Iryna Sereda
Gas

[H4] Ashish Sethia
Commodities

[H4] Siddharth Shetty
India

[H4] Sahaj Sood
Australia

[H4] Dr. Nikolas Soulopoulos
Commercial transport

[H4] Analeigh Suh
South Korea

[H4] Arhnue Tan
Europe

[H4] Sisi Tang
China

[H4] Yara van Ingen
Heat pumps

[H4] Mohith Velamala
Shipping

[H4] Ben Vickers
Editorial

[H4] Leo Wang
China

[H4] Nick Wang
Other Asia Pacific

[H4] Trina White
US

[H4] William Young
Financial institutions

[H4] Tianyi Zhao
China

[H1] Insights
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[H4] Electric Vehicle Outlook

REPORT

[H4] Transition Metals Outlook

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[H4] Energy Transition Investment Trends

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[H4] New Energy Outlook

[H4] Climatescope

[H4] NetZero Pathfinders

[H4] Electric Vehicle Outlook

[H4] Transition Metals Outlook

[H4] Energy Transition Investment Trends

[H4] New Energy Outlook

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