Both solar and wind could provide an energy reserve that can meet world demand 100 times over.
A new report by think tank Carbon Tracker estimates global energy consumption in 2019 was 65 Petawatt hours (PWh) while current solar PV installed technology has the potential to capture more than 5,800PWh every year.
That is equivalent to the power generated by burning all known fossil fuel reserves, the study suggests.
In addition, the analysis estimates onshore and offshore wind could capture nearly 900PWh a year.
The report also finds that a growth rate of 15% could see solar and wind generate all global electricity by the mid-2030s and provide all energy by 2050 as a result of falling costs and technological innovations.
Harry Benham, Co-Author of the report and Chairman of think tank Ember-Climate, said: “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.”