Investment in renewable energy can save $180 billion annually
LAHORE (July 10 2007): Investing in renewable electricity world-wide instead of burning fossil fuels could save $180 billion annually and cut emissions of the greenhouse gas carbon dioxide in half by 2030. This was revealed in a joint report by Greenpeace and the European Renewable Energy Council that was released recently.
In the first global analysis of its kind, the report says that there is a major shift in global investments from dangerous coal and nuclear power towards renewable energy, solar, wind, hydro, geothermal and bio-energy, within the next 23 years.
The report shows not only that the world's electricity needs could be met by renewable energy, but that by doing so, we would literally save trillions of dollars; a massive $180 billion a year, forever.
The report gives the financial rationale for Green peace's "Energy Revolution," a blueprint for how to cut global carbon dioxide, CO2, emissions by 50 percent by 2050, while maintaining global economic growth. The Energy Revolution scenario is an alternative to the International Energy Agency's world energy outlook.
According to the report, 10,000 new fossil fuel power plants would increase global CO2 emissions by over 50 percent, and more than double fuel costs, there is no way of putting a price on the disastrous results this will have for environment and humanity.
The Energy Revolution needs an extra global annual investment of $22 billion in clean and renewable power plants on top of current expenditure.
The fuel cost savings of up to $202 billion per year, means this will pay for itself 10 times over. The report says that converting the subsidies of $250 billion a year, which are given to the coal and gas industries to clean, safe renewable energy will cover the costs of the energy revolution and much more. Under an energy revolution scenario, renewable energy would be worth an annual market volume of $288 billion by 2030.
The renewable industry is willing and able to deliver the power plants the world needs, which simply need the right climate and energy policy. The report stresses the urgent need for decisive action now. In the next decade, many existing power plants will need replacing, and emerging economies such as China, India and Brazil are rapidly building new energy infrastructure.
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