January 22 (Renewables Now) - A transition plan for 100% renewable energy use by 2050 that could solve the global climate crisis would cost around USD 1.7 trillion (EUR 1.49tr) per year, less than half the cost of current subsidies for fossil fuels, says a study funded by the Leonardo DiCaprio Foundation.
The research was conducted by scientists at the University of Technology Sydney, the German Aerospace Center and the University of Melbourne. It is based on data from advanced modelling with 72 regional energy grids and hourly increments through 2050 and a comprehensive assessment of available renewable resources such and wind and solar that could meet future energy demand.
The scientists explained that this is the first model that presents a roadmap towards a negative emissions world through using natural climate solutions and its cost would be significantly lower than the USD 5 trillion in subsidies that governments now allocate for fossil fuels each year. In addition to the 100% renewables transition, the plan also includes the restoration of degraded forests and other lands.
"While the renewable energy transition is imperative to solving the climate crisis, it isn't enough. As this climate model shows, in order to keep the global temperature rise to no more than 1.5°C, we have to keep our natural carbon sinks intact, scale up restoration efforts and shift to regenerative agriculture,” said Justin Winters, executive director of the Leonardo DiCaprio Foundation.
(USD 1.0 = EUR 0.880)