Renewable Energy Could Save $160 Trillion In Climate Change Costs

In Clean Facts, Clean Truth, Environment, News, Renewable Energy

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.

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 time frame.

A large scale up from current levels, the extra energy load would be carried mostly by wind and solar installations.

The benefits stemming from embracing clean, renewable energy go a lot farther than just reducing pollution and carbon emissions.

The energy transformation would boost gross domestic product (GDP) by 2.5% and total employment by 0.2% globally in 2050. It would also bring broader social and environmental benefits. Health, subsidy and climate-related savings would be worth as much as USD 160 trillion cumulatively over a 30-year period, the report finds.

Renewables would create more new jobs than those lost in fossil-fuel industries. Policy inputs can further improve the socio-economic footprint of the transformation.

Reference- Forbes, IRENA report

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