Global economy would save Billions by shifting to a renewable energy and electric car future.
Thanks to the remarkable innovation and reduced cost of installation in clean energy technologies in recent years, a transition to a low carbon economy will bring enormous benefits in improved health, reduced climate impacts and employment.
New jobs associated with a transition to a renewable energy future will significantly outweigh the jobs lost in the fossil fuel sector. It is predicted that Total net new jobs would number 11 million. Significant resources should be provided to help those in sectors losing jobs to transition towards employment in the renewable sector. In most cases, a lot of the skills would be easily transferable. For example; a marine technician working on oil rigs could easily be re-trained to service off shore wind farms.
The objective is to achieve a livable climate for our children and for future generations. This can be achieved where 85% of all electricity is produced by renewable means and there are one billion electric vehicles on the road.
To achieve this an accelerated energy transition to renewables and energy efficiency coupled with electrification of the transportation sector can be achieved before 2050, thanks to plummeting prices in clean energy technologies the cost of achieving this goal has dropped dramatically.
This Renewable Energy Roadmap (Remap) scenario would also save the global economy up to $160 trillion over the next 30 years in avoided health costs, energy subsidies and climate change damages.
Currently, renewables accounts for about one sixth of the world’s total final energy consumption. However, with the growth of demand for electricity to grow by 30% by year 2025, the race is on to develop more renewable projects to keep up with this demand. Based on current growth levels by IRENA (International Renewable Energy Agency) Solar and Wind will dominate by the year 2050 whereby these two renewables will provide 58% of energy consumption. Other power sources like Geothermal and Hydro will make up the rest along with residual coal, Oil and Gas in some markets.
Previous research found that the health and productivity benefits from green buildings and high-efficiency industrial processes actually exceeded the energy savings and could increase cumulative economic output through 2035 by $18 trillion.
This Renewale Energy Roadmap (Remap) scenario “ would also save the global economy up to $160 trillion over the next 30 years in avoided health costs, energy subsidies and climate change damages.