Renewables Could Provide All Of World’s Energy By 2050 Thanks To Falling Costs

It’s been suggested that renewable energy could power the entire world by 2050, putting an end to fossil fuels.

Based on the renewable energy already unlocked, the study suggests we have a reserve that can meet demand 100 times over.

Fossil fuels are expected to be edged out of the electricity sector by 2030, with solar and wind resources readily and plentiful available and somewhat infinite in their availability, unlike coal and gas.

CT’s energy strategist and lead on this report, Kingsmill Bond says the renewable energy revolution is coming:

We are entering a new epoch, comparable to the industrial revolution. Energy will tumble in price and become available to millions more, particularly in low-income countries. Geopolitics will be transformed as nations are freed from expensive imports of coal, oil and gas. Clean renewables will fight catastrophic climate change and free the planet from deadly pollution.

Around 60% of the world’s current solar resources, including 15% wind, is already superior in its efficiency and economic use than its fossil fuel counterparts.

Ember-Climate co-author and chairman, Harry Benham, explains how we only need to touch upon a fraction of renewable energy to live comfortably:

The world does not need to exploit its entire renewable resource — just 1% is enough to replace all fossil fuel usage. Each year we are fuelling the climate crisis by burning three million years of fossilised sunshine in coal, oil and gas while we use just 0.01% of daily sunshine.

Just 0.3% of land would need to be taken up to build the solar equipment which, again, is a fraction of what fossil fuels demand.

And the low cost of it all is favourable, too. Already, costs have reduced by 18% per year since 2010 and has increased 39% over the same period.