Economics of Fighting Climate Change with Renewable Energy
Renewable Energy World
- April 19, 2019
- 309 views
The economic argument surrounding renewable energy is arguably the most important topic in a clean energy discussion. There are health and environmental harms coming from fossil energy that are prompting a clean energy transition, and that is the main motivator for a great many people and organizations, but until renewable energy makes its arguments in dollars and cents the debate will continue.
Luckily for renewable energy advocates, as prices for renewable generation drops, the costs of doing nothing on climate change rise, and investment in technology continues, that economic argument continues to get more and more robust. The latest example came with last week's report from the International Renewable Energy Agency, summarized here.
Some important data points and takeaways:
- Estimates that $115 trillion is needed to get enough clean energy to meet the Paris Agreement, down from their estimate of $125 trillion last year
- Global energy shift needs significant investments but will more than pay off in curbing emissions as well as health/environmental benefits
- Electricity's share of total energy consumption expected to grow from 20% today to almost 50% in 2050
Did you see this report? What were your main takeaways?