Global economy would save up to $160 trillion by shifting to renewables, electric cars

“Every dollar spent on energy transition would pay off up to seven times.”


AERIAL VIEW OF BLOOMING RAPESEED FLOWERS NEXT TO A PHOTOVOLTAIC POWER STATION AT LIANGYUAN TOWN ON MARCH 29, 2019 IN HEFEI, ANHUI PROVINCE OF CHINA. (PHOTO BY WANG WEN/VCG VIA GETTY IMAGES)

Imagine a world where 85% of all electricity comes from renewable sources, there are over one billion electric vehicles on the road, and we are on track to preserve a livable climate for our children and future generations.

The International Renewable Energy Agency (IRENA) reported this week that such a future is not merely possible by 2050, but thanks to plummeting prices in key clean energy technologies, the cost of saving the climate has dropped dramatically.

In fact, according to IRENA’s new report, the most cost-effective strategy to achieve a “climate-safe future” — keeping global warming below 2 degrees Celsius (3.6 degrees Fahrenheit) — is an accelerated energy transition to renewables and energy efficiency coupled with electrification of key sectors like transportation.

This Renewable Energy Roadmap (REmap) scenario “would also save the global economy up to USD 160 trillion cumulatively over the next 30 years in avoided health costs, energy subsidies and climate damages.” MORE

Solar, Renewables, Energy Transformation Reshaping the Geopolitical Landscape

Headline: The Geopolitics of the Energy Transformation

“The new energy age will reshape relations between states and regions bringing ‘A New World’ of power, security, energy independence and prosperity,” according to the Global Commission on the Geopolitics of Energy Transformation.

“The geopolitical and socioeconomic consequences of a new energy age may be as profound as those which accompanied the shift from biomass to fossil fuels two centuries ago.

These include changes in the relative position of states, the emergence of new energy leaders, more diverse energy actors, changed trade relationships and the emergence of new alliances,” according to the commission, which presented its report, A New World, to the Assembly at the International Renewable Energy Agency (IRENA) January 11. MORE

Canada joins key global renewables agency

 

Canada has become a member of a key intergovernmental agency that promotes the adoption of solar, wind, geothermal and other forms of renewable energy.

The International Renewable Energy Agency (IRENA) has described Canada as an “important market” for renewables over the long term. Ottawa has been in talks since at least early 2017 to become a member of the group, and on Wednesday, the government made it official. MORE