A new report released by Greenpeace International on Monday has reinforced the view that there are no major economic or technical barriers to shifting the world to 100 per cent renewable energy by 2050; nor to the complete phase-out of fossil fuels. All we need now is the political will to do it.
Greenpeace’s Energy [R]evolution scenario 2015 phases out coal, oil, gas and nuclear energy as fast as technically and economically possible, by expanding the renewable energy share to 42 per cent in 2030, 72 per cent in 2040 and 100 per cent in 2050.
The report also says that the transition will cost a great deal of money, as much as 1 trillion dollars a year, but that the savings are even larger.
“The investment costs for the switch to 100% renewables by 2050 is about $US1 trillion a year,” the report says.
“But because renewable energies don’t need fuel, the average fuel cost savings are $US1.07 trillion a year. So the investment over the period is met in full (107 per cent) by fuel cost savings, with the cross-over happening between 2025 and 2030.
Beyond 2050, there are no further fuel costs in renewable energy, thus stabilising energy costs for socities, as well as reducing energy sector emissions to near zero.
I don't know it all might be a little too optimistic, but then again if we don't commit to making it happen we'll never know.
Of course, as we know, the oil and coal companies will do everything in their considerable power to delay this as long as possible.