95% Renewable by 2050!

Posted on June 10, 2010. Filed under: Uncategorized |

A new report from a coalition of environmental groups headed by Greenpeace found that the world could produce 95 percent of its energy needs from renewable energy sources by 2050, and do so without damaging economic growth.  The transition to renewable energy would cut carbon emissions 80 percent during the time period. To achieve the transition, the report suggests policies including the phasing out of fossil fuel subsidies, developing stricter fuel efficiency standards, and creating carbon-pricing mechanisms.

The plan proposed by the report would require total investments of about $18 trillion, five times the U.S. federal budget for 2011. Even without the Greenpeace plan, the investments in renewable energy would exceed $11 trillion, and fuel savings would fund the extra the extra investments proposed by Greenpeace. 

The report injects some optimism in the battle between the environment and the economy, showing that environmental goals are possible without significant negative economic consequences.  Now the challenge remains getting everyone – in this case, the world – on board.

Check out the full report here!

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