Renewable energies could help save the Earth – and $160 trillion.
That’s the opinion of the International Renewable Energy Association (IRENA), whose recent report indicates that prioritizing a move from fossil fuels and toward renewable energy sources like solar and wind can save the United States up to $160 trillion in climate change costs.
The 51-page report, titled, “Global Energy Transformation: A Roadmap to 2050”, revealed the following data in its “Highlights” section:
“For every USD 1 spent for the energy transition, there would be a payoff of between USD 3 and USD 7 – or, put in cumulative terms over the period to 2050, a payoff of between USD 65 trillion and USD 160 trillion,” the report says.
Savings possible through reliance on electricity powered by renewables
The report’s optimistic financial outlook rests on the ability of the global community to convert power consumption to an electricity-first approach that will boost electricity share of final consumption from 20 percent to 50 percent, with the primary catalyst for demand being electric cars.
“Renewable power will be able to provide the bulk of global power demand (86%). The primary drivers for this increased electricity demand would be over 1 billion electric vehicles, increased use of electricity for heat and the emergence of renewable hydrogen. Overall, renewable energy would supply two-thirds of final energy,” IRENA pointed out.
The report also said that the reason a massive shift to electricity is also the driving force behind carbon-dioxide emissions reductions.
“A large-scale shift to electricity from renewables could deliver 60% of those reductions; 75% if renewables for heating and transport are factored in; and 90% with ramped-up energy efficiency,” the report noted.
Jim Mathers, CEO of Clearwater-based consultancy Energy Professionals, said the results of the study indicate “the wave of support” renewables are achieving around the world.
“As an energy consultant, we are seeing more and more requests from both retail and manufacturing customers for feasibility studies for solar and wind projects. Now that renewable project infrastructure is more efficient, the actual cost of renewables is dropping well below the standard utility rates around the country.”Jim Mathers, CEO of Clearwater-based consultancy Energy Professionals told Energy Pages.
Aggressive shift to renewables will boost global GDP
At the end of its summary of the report, IRENA included the fact that their research indications that the global gross domestic product will rise by an estimated 2.5 percent and that global employment will grow 0.2 percent by 2050.
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