As fuel and energy costs rise, the world is increasingly turning to renewable energy to power the economy. It will also transition to a carbon-negative future.
Giving a boost to this approach is a Stanford study that claims that switching to renewable energy will prevent blackouts and help stabilize prices. The researchers studied 145 countries and mentioned that switching to clean energy and electrifying all energy sectors is a worthy investment as all upfront costs would be recovered in just six years.
Investing in Renewable Energy
The paper published in Renewable Energy, finds that an energy system running on wind, water, and solar coupled with storage will prevent blackouts, provide cost savings, and create new jobs.
The Stanford study was led by Professor Mark Z Jacobson, professor of civil and environmental engineering at Stanford University and director of its Atmosphere/Energy Program. At the start of the paper, he mentions that global warming, air pollution, and energy insecurity are the three greatest problems faced by humanity.
To tackle energy insecurity, it is necessary to turn to renewable energy by 2035. The researchers recommend switching to clean energy to save the environment. By operating a completely clean, renewable grid may create about 4.7 million long-term, full-time jobs across various energy sectors, much more than the ones that would be lost by shutting down fossil fuel-based companies. Many research groups examined 100% renewable energy systems in one or all energy sectors and found that it is capable of keeping the grid stable at low cost.
According to Jacobson, “We do not need miracle technologies to solve these problems. By electrifying all energy sectors; producing electricity from clean, renewable sources; creating heat, cold, and hydrogen from such electricity; storing electricity, heat, cold and hydrogen; expanding transmission; and shifting the time of some electricity use, we can create safe, cheap, and reliable energy everywhere.”
Benefits of Adopting Clean Energy
Jacobson added that by switching to clean energy, worldwide energy usage will go down by 56%. One of the reasons for this saving is that combustion-based energy systems require a lot of energy just to function.
By switching to a clean, renewable energy system, costs per energy unit is reduced by an average of 12%, which results in a 63% lower annual energy cost. It also improves the health of the people, as it cuts down on pollution. Cleaner air will save around 53,200 people from pollution-related deaths every year, along with $700 billion per year savings in health costs. In 2018, air pollution from fossil fuels costs the world $8 billion a day in health and economic costs.
The World Health Organization (WHO) states that poor air quality will result in over 13 million deaths per year.
The initial investment required to bring energy systems up-to-date in 145 countries, which produce 99.99% of the world’s carbon dioxide, can go as high as $62 trillion. But it is extremely beneficial to make the switch as every year, we will save at least $11 trillion. The initial investment and more can be fully recovered within six years.
Professor Jacobson and his team recommend switching over to renewable energy by 2035 and no later than 2050. Prices for clean energy have dropped considerably as governments offer subsidies to promote renewable energy and reduce carbon emissions.
The UN has repeatedly urged world nations to work together to achieve net zero carbon emissions by 2050. The International Renewable Energy Agency (IRENA) estimates that 90% of the world’s electricity can and should come from renewable energy by 2050. Renewable energy also offers countries a way to diversify their economies and one that is less prone to market shocks.
