Renewable Energy Could Save $160 Trillion In Climate Change Costs by 2050

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In the face of rising global emissions, intensified electrification and an increase in renewable energy could make the difference that ensures we reach future climate goals . With development and energy demands soaring worldwide, there is an opportunity for clean, renewable energy to supplant fossil fuels and take over as the main form of electricity generation. New findings published by the International Renewable Energy Agency (IRENA) have emphasized the need to scale up efforts to transition away from fossil fuels and towards renewable energy.

A demonstrator is detained for sitting in the road at Oxford Circus in London, Friday, April 12,... [+] 2019. Young protestors took to the streets after a government report has revealed that the nation is set to miss its emissions targets.

The Global Energy Transformation: A Roadmap to 2050 outlines how the world can successfully implement large-scale renewable programs that will not only help reduce carbon emissions but improve global socioeconomic development. The analysis provided by IRENA shows that global energy demands are expected to double by 2050, and that 86% of global electrical needs could be met by renewable energy within that same timeframe. A large scale up from current levels, the extra energy load would be carried mostly by wind and solar installations.

Barriers To Change

Despite the optimistic outlook, IRENA warns that more needs to be done in order to reach the goal they anticipated. IRENA’s Director-General Francesco La Camera explains that, “The energy transformation is gaining momentum, but it must accelerate even faster, The UN’s 2030 Sustainable Development Agenda and the review of national climate pledges under the Paris Agreement are milestones for raising the level of ambition. Urgent action on the ground at all levels is vital, in particular unlocking the investments needed to further strengthen the momentum of this energy transformation. Speed and forward-looking leadership will be critical – the world in 2050 depends on the energy decisions we take today.”
Donald Trump says he is imposing new tariffs to "protect American jobs and American workers." Trump... [+] acted to impose new tariffs on imported solar-energy components and large washing machines in a bid to help U.S. manufacturers.

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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