A recent study conducted by Stanford University scientists and published in the Royal Society of Chemistry shines a strong light on the huge benefits of harnessing renewable energy to combat climate change, air pollution, and energy insecurity. The authors base their analysis on a global roadmap involving 145 countries committing to complete transition from fossil-fuelled energy to renewables - primarily wind, water, and solar, combined with enhanced energy efficiency and advanced storage solutions. The target is to achieve this ideally by 2035, with a hard deadline of 2050, and ensuring at least 80% adoption by 2030.
The study projects that transitioning from business-as-usual energy sources will reduce end-use energy consumption by over half. In economic terms, it will cut private annual energy costs by almost two-thirds. Moreover, it will result in a reduction of over 90% in social (private, health, and climate) energy costs - from $83.2 trillion to $6.6 trillion per year.
This study proves shifting to renewables is not just an environmental imperative; it's an economic opportunity. It shows the capital costs will be recouped within six years due to energy and social cost savings. More significantly, it will generate an additional 30 million long-term, full-time jobs, significantly outweighing job losses from ending fossil fuels.
Finally, the study demonstrates that renewable energy is a clear winner from land-based environmental perspectives. It highlights that renewables require far less land, with a projected new footprint of less than 0.2% of the world's land area.
95% of the technologies needed to enact these plans are already commercially available now. Transitioning to renewables is not a pipe dream but an attainable reality.
