What Would It Cost To Switch to 100% Renewable Energy?

October 14, 2024 by
Regen Aquaculture, Joe Pate
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As more and more citizens are beginning to feel the effects of climate change, the U.S. political response is moving at a somewhat glacial pace. Of the hazardous effects of climate change, three stand out as catastrophic: global warming, air pollution, and energy insecurity. There are several actions proposed to cap the amount of CO2 being released into the air.  But even if the current 2022 levels of CO2 stays constant without rising, the earth’s temperature will still rise two degrees by 2041.  A renewed call for global collaboration is being offered as a sign of hope. In a new study from Stanford University, Low-cost solutions to global warming, air pollution, and energy insecurity for 145 countries, researchers have concluded that 145 countries can switch to 100% renewable energy with a full return on investment in only six years.

Professor Mark Z. Jacobson of the Standford study attributes combustion-based energy systems as the most inefficient use of energy, considering that many of these energy-providing mechanisms require almost as much energy to operate as they put out. According to Jacobson, worldwide energy usage would drop 56% by transitioning away from combustion-based energy and instead towards renewable sources which have a 12% energy cost-savings per energy unit. That’s an annual cost saving of 63%.

Source: Royal Society of Chemistry; Low-cost solutions to global warming, air pollution, and energy insecurity for 145 countries, Mark Z. Jacobson

The price tag for such a transition in the analyzed 145 countries is steep- $62 trillion. However, replacing combustion-based energy with renewable energy would save $11 trillion annually. The time frame in which to transition is immediate. Jacobson and his researchers recommend that 80% of the world switch to 100% renewable energy by 2035, with a ‘no-later-than’ date of 2050.

Read the full study here.

FAQs

Q1: Will transitioning to 100% renewable energy immediately eliminate reliance on fossil fuels?

The transition to 100% renewable energy is gradual. While it reduces reliance on fossil fuels, a complete elimination may take time due to existing infrastructures and energy demands.

Q2: What role do individuals play in the transition to renewable energy?

Individuals can contribute by adopting sustainable practices, supporting renewable initiatives, and advocating for policies that promote the transition to renewable energy.

Q3: Are there countries already close to achieving 100% renewable energy?

Several countries, such as Iceland and Costa Rica, are making significant strides towards 100% renewable energy, showcasing the feasibility and benefits of such transitions.


Regen Aquaculture, Joe Pate October 14, 2024
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