Doubling global renewable energy ‘could save $740bn a year’

Doubling renewable energy to 36% of the world’s final energy usage by 2030 could save $740 billion a year in costs associated with fossil fuel pollution, a new report claims. […]

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By Priyanka Shrestha

Doubling renewable energy to 36% of the world’s final energy usage by 2030 could save $740 billion a year in costs associated with fossil fuel pollution, a new report claims.

The report from the International Renewable Energy Agency (IRENA) suggests that could also help limit global temperature increase to 2ºC.

It also found global demand for gas and oil could reduce by around 15% and for coal by 26% if the global energy consumption from renewable sources reached 36%. That could create nearly one million jobs by 2030 as well as cut energy-related pollution and increase energy security for countries that depend on imports.

Adnan Z. Amin, Director-General of IRENA said: “Our data shows that renewable energy can help avert catastrophic climate change and save the world money, if all costs are considered… The transition is affordable based on existing technologies and the benefits go well beyond the positive climate impact. Countries today face a clear choice for a sustainable energy future.”

The report however suggests governments across the world need to act now to step up efforts in reaching the goal, including managing knowledge of technology options and their deployment, boosting innovation and ensuring smooth integration of renewables into existing infrastructure.