July 2007
Investing in renewable electricity
worldwide instead of burning fossil fuels could save US$180 billion
annually and cut emissions of the greenhouse gas carbon dioxide in half by
2030, according to a joint report by Greenpeace and the European Renewable
Energy Council, released today.
In the first global analysis of its kind, the report argues for a shift in
global investments towards renewable energy - solar, wind, hydro,
geothermal and bioenergy - within the next 23 years, and away from
"dangerous" coal and nuclear power.
"As Live Earth mobilizes billions of people to take urgent action against
the climate threat, our report shows not only that the world’s electricity
needs can be met by renewable energy, but that by doing so, we will
literally save trillions of dollars; a massive US$180 billion a year,
forever," said Sven Teske of Greenpeace International.
The report gives the financial rationale for Greenpeace's "Energy
Revolution," a blueprint for how to cut global carbon dioxide, CO2,
emissions by 50 percent by 2050, while maintaining global economic growth.
The Energy Revolution scenario is an alternative to the International
Energy Agency's world energy outlook.
"In sharp contrast," Teske said, a "business as usual approach casts a
dark cloud over our future."
"Its 10,000 new fossil fuel power plants, would increase global CO2
emissions by over 50 percent, and more than double fuel costs; there is no
way of putting a price on the disastrous results this will have for
environment and humanity," he said.
The Energy Revolution needs an extra global annual investment of $22
billion in clean and renewable power plants on top of current expenditure,
Greenpeace says.
The fuel cost savings of up to $202 billion per year, means this will pay
for itself 10 times over," said Teske.
The report says that converting the subsidies of $250 billion a year that
now are given to the coal and gas industries to clean, safe renewable
energy will cover the costs of the energy revolution and much more, he
said.
The European Renewable Energy Council says the global market for wind
turbines was worth some €18 billion in 2006, and the total renewable
industry was worth about $50 billion.
The Council is the umbrella organization of European renewable energy
industry, trade and research associations working in the photovoltaic,
wind energy, small hydropower, biomass, geothermal energy and solar
thermal sectors.
Under an energy revolution scenario, renewable energy would be worth an
annual market volume of $288 billion by 2030, the Council projects.
"The renewable industry is willing and able to deliver the power plants
the world needs, we simply need the right climate and energy policy," said
Oliver Schäfer, EREC policy director.
"Decisions made in the next few years, will continue to have an impact in
2050. Only if a renewable energy path is taken, can we avoid the worst
excesses of climate change," he warned.
The report stresses the urgent need for decisive action now. In the next
decade, many existing power plants will need replacing, and emerging
economies such as China, India and Brazil are rapidly building new energy
infrastructure.
"Future Investment - A sustainable Investment Plan for the power sector to
save the Climate," is online at: www.energyblueprint.info,
www.greenpeace.org, and www.erec.org
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