Fully renewables-based global energy system possible by 2050, at lower cost – study
Energy Watch Group / LUT University
A global energy system fully based on renewable energy by 2050 is feasible and would be cheaper than the current global energy supply, according to a study by Energy Watch Group and the Finnish LUT University. “The report confirms that a transition to 100 percent renewables is possible across all sectors, and is no longer more expensive than the current energy system,” said Hans-Josef Fell, former Member of the German Parliament and President of the Energy Watch Group, a global network of scientists and parliamentarians.
The study models a transition to 100 percent renewables by 2050 in a world where the population grows to 9.7 billion and final energy demand increases 1.8 percent annually. Electrification across all sectors means that electricity will constitute more than 90 percent of primary energy demand in 2050. Solar and wind power will lead the transition and together cover almost 90 percent of primary energy supply, says the study. The levelised cost of energy for a fully sustainable global energy system will be slightly cheaper than for the current system, easing from approximately 54 euros per megawatt hour (€/MWh) in 2015 to 53 €/MWh by 2050. “When taking into account negative externalities of the current system, which have been cited in numerous other contemporary studies, the 100 percent renewable global energy system is a substantially cheaper option,” says the study.