“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