Aggressive investment in renewable power generation and energy efficiency could create an annual $360 billion industry, providing half of the world’s electricity, slashing over $18 trillion in future fuel costs while protecting the climate, according to a comprehensive plan for future sustainable energy provision launched today.
In addition, renewable energy could provide all global energy needs by 2090, according to the 210-page study,
"Energy [R]evolution: A Sustainable World Energy Outlook."
Produced by the European Renewable Energy Council (EREC) and Greenpeace International, the report provides a practical blueprint for rapidly cutting energy-related CO2 emissions in order to help ensure that greenhouse gas emissions peak and then fall by 2015. This can be achieved while ensuring economies in China, India and other developing nations have access to the energy that they need in order to develop, the report says.
"Unlike other energy scenarios that promote energy futures at the cost of the climate, our energy revolution scenario shows how to save money and maintain global economic development without fuelling catastrophic climate change. All we need to kick start this plan is bold energy policy from world leaders," said Sven Teske, Greenpeace International’s Senior Energy Expert and co-author of the report.
"Strict efficiency standards make sound economic sense and dramatically slow down rising global energy demand. The energy saved in industrialised countries will make space for increased energy use in developing economies. With renewable energy growing four-fold not only in the electricity sector, but also in the heating and transport sectors, we can still cut the average carbon emissions per person from today?s four tons to around one ton by 2050," he added.
Especially in the context of today’s economic instability, investing in renewable energy technologies is a "win-win-win? scenario: a win for energy security, a win for the economy and a win for the climate. While "business as usual? energy scenarios from bodies such as the International Energy Agency come at the cost of the climate and the economy, the Energy [R]evolution makes a clear case for "business as unusual.? It estimates that the additional costs for coal fuel from today until the year 2030 are as high as USD 15.9 trillion, more than is required to pay for the Energy [R]evolution. These renewable energy sources will produce electricity without any further fuel costs beyond 2030, creating an enormous number of renewable energy jobs and helping lift the world out of recession.
Oliver Schäfer, EREC Policy Director said, "The global market for renewable energy can grow at double digit rates until 2050, and overtake the size of today’s fossil fuel industry. Currently, the renewable energy market is worth USD 70 billion and doubling in size every three years."
"Because of economy of scales, renewable energies such as wind power at good sites are already competitive with conventional power. From around 2015 onwards, we are confident that renewable energies across all sectors will be the most cost effective energy capacities. The renewable industry is ready and able to deliver the needed capacity to make the energy revolution a reality. There is no technical impediment but a political barrier to rebuild the global energy sector," he added.
"Countries such as China and India are well placed to take the enormous investment opportunity presented by the energy revolution," said G Ananthapadmanabhan, Greenpeace International Programme Director. "It would be retrogressive for them to focus on fossil fuels to power their rapid economic growth. The energy revolution is key to them climate-proofing their development."
The report also highlights the short time window for making the key decisions in energy infrastructure. In order to achieve a greenhouse gas emission peak by 2015 and a fast reduction afterwards, governments, investment institutions and companies must act swiftly, and a strengthened UN climate deal must be agreed.
Watch the video and Download "Energy [R]evolution: A sustainable World Energy Outlook":
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The cost for solar might be going down for residential. Solar is a great renewable source of energy for residential but if you think renewable energy will replace fossil fuels as a base load provider you are uninformed. Nuclear energy is the pragmatic and rational solution, once coal plants start closing.
http://www.globalwarming360.net/
Renewable energy can replace oil. And it has in some scenarios (there are already examples of carbon neutral homes, cars, and businesses).
The roll out of technology will take time of course- the lengthy pay-back period and initial investment challenges the speed at which we replace oil. However, support is coming in the form of “pay as you save schemes”, grants and subsidies from government backed businesses (such as the Carbon Trust, and Energy Saving Trust).
The technology that is appropriate in any house, businesses, or particular country/region will have to be specific to the climate of course- since solar energy cannot be supported in areas where daylight hours are limited and/or solar strength is weak- at least the payback period and limited production capabilities make such schemes inefficient and unattractive to investors.
The good news comes in the form of the possibilities that are currently available for further renewable energy- we currently have such low saturation and ‘take-up’ of renewable energy technology- leaving huge scope for further production.
Incentives, grants, and support for switching to alternative fuels is encourage-able- long term financial benefits can be sought by consumers and businesses willing to make changes to their homes and/or businesses.
As an energy consultancy (www.amberenergy.net) it is our job to support the change to alternative fuels whilst supporting the current set-up of individuals’ homes and businesses. When considering energy contracts businesses and consumers can choose to support the change to renewable energy by electing a contract/supplier of 100% renewable energy. Alternatively, a contract where some of the energy is from a renewable source may be preferred. This is due to renewable energy currently carrying a premium (when compared to a standard tariff)- so choosing renewable energy is not financially viable unless business/consumer tastes are strong enough or ‘knock-on’ affects (such as positive publicity and brand strengthening) are gained in the decision.
In conclusion then- a long way to go before we can say renewable energy has replaced oil- but we are at least able to say
it can be done.