Renewable energy has the potential to reduce electricity production costs by up to 50% if the roll-out of green technology is speeded up, with wind and solar set to replace coal in major economies worldwide.
Net zero is feasible in every region of the world, the report concluded, because all the technologies needed already exist.
The report said that faster adoption of green technology, mainly wind and solar PV, needed to be combined with technology such as energy storage to balance their inherent intermittency.
In
Coal-fired power could be securely replaced by renewables and flexibility from energy storage and thermal balancing power plants as early as 2040.
The report found that increasing renewable energy from 25% today to 100% in
A flexible 100% renewable system provides large levels of excess power that can address India’s rising energy dependency, forecast to double by 2030.
Moreover, when it signed the Paris Agreement in 2015,
However, these forecasts for
Carbon emissions from the power sector have nudged upwards by 255mn tonnes of CO2 since 2015. The increased share of coal in the electricity mix, adding 38 GW since 2015, is the crucial reason behind the relative rise in emissions, the report noted.
The report also said that expanding renewable energy could also generate major new revenues from hydrogen production, creating a technology market worth
India’s future is crucial way beyond its borders. As the world’s fourth-largest carbon emitter, India’s ability to meet its energy demand using clean energy is essential, both to powering its rapidly expanding economy and stabilising climate change, the report said.
Wartsila’s forecasts for the energy transition are important, as it is a major global player in the power sector, accounting for 74 GW of power plant capacity and more than 80 energy storage systems delivered to 180 countries.
Elsewhere
Meanwhile,
This acceleration towards renewables would also create what the report calls “colossal carbon savings” in the short term, enabling national climate targets to be achieved.
The report also underlines that the technologies needed to achieve 100% renewable power systems are already available at scale around the world.
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