Doubling renewable energy and generating huge savings

Doubling renewable energy and generating huge savings

A report published last week by IRENA, the International Renewable Energy Agency, revealed  that nearly 4.2 trillion (2.2 trillion) dollars could be saved each year by 2030 if the  global energy mix contained two times more renewable energy than today.

The report claims that, today, renewables account for 18% of the energy mix, and therefore, doubling that amount to 36% of th energy mix should not be too difficult.

Adnan Z Amin, the director of IRENA, goes even further: “Not only is it feasible to double, but in addition it would be cheaper than not doing so. This is the most economical way but also the most responsible with regard to society and the environment. This would create jobs, save millions of lives by reducing pollution and would put us on track to limit global temperature rise to 2 degrees, according to the Paris agreement. ”

The report takes into account data from 40 countries, equating to 80% of global energy consumption. According to IRENA, the provisions in place today for increasing the share of renewable energies by 2030 would result in an energy mix containing only 21% of renewable energy, a long way from the 36% required to double the existing renewable energy share.

The cost of the global energy system would be increased by $ 290 billion per year until 2030, but the energy savings, according to IRENA, would be worth 15 times that amount.

There still remains some way to go for renewables, but this report shows their sustainability and utility in the current system. From monetary savings to the tons of emissions avoided through the reduction of pollution, increasing the share of renewable energy seems to present only advantages!