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August 4, 2022
Switching to 100% Renewable Energy Will Immediately
Drop Prices
Study Finds
World Can Switch to 100% Renewable Energy and Earn Back Its Investment
in Just 6 Years
Photo:Depositphotos
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Global green hydrogen market to
grow by more than 6,000% by 2031, says new study
With energy
and fuel costs at an all-time high, the world is seeking
cost-effective solutions for moving away from oil and gas for energy
needs. Luckily, a
new study by Stanford University says that it might not be as
difficult as we think to move toward renewable energy sources. After
examining 145 countries, the researchers have stated that switching to
clean energy and electrifying all energy sectors won't lead to
blackouts or an increase in prices. In fact, according to the study,
prices would immediately drop, and all of the up front costs for
switching to 100% renewable energy would be paid back in just six
years.
The study was headed by
Professor Mark Z. Jacobson, professor of civil and environmental
engineering at Stanford University and director of its
Atmosphere/Energy Program. Professor Jacobson has long been an
advocate for 100% renewable energy and
published a book on the topic in 2020.
According to him, “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
the hydrogen; expanding transmission; and shifting the time of some
electricity use, we can create safe, cheap, and reliable energy
everywhere.”
One of the main reasons for this is that
the combustion-based energy systems most countries use require quite a
lot of energy just to function. In switching to a clean, renewable
energy system, Professor Jacobson states that worldwide energy usage
would go down by 56% immediately. The savings is due to the efficiency
of clean energy over combustion systems, as well as the efficiency of
electrified industry, as there would no longer be a need to spend
energy obtaining fossil fuels.
Photo: taraki/Depositphotos
And the good news doesn't end there. A
clean, renewable energy system reduces the cost per energy unit by an
average of 12%, which results in a 63% lower annual energy cost. Of
course, there are also many health benefits to a clean energy system
that would cut down on pollution.
To make their evaluation, the team of
researchers looked at onshore and offshore wind energy, solar power,
solar heat, geothermal electricity and heat, hydroelectricity, and
small amounts of tidal and wave electricity. Batteries were the most
common electricity storage solution, with the team finding that no
batteries with more than four hours of storage were necessary.
With an estimated $62 trillion needed to
update systems in 145 countries—which produce 99.7% of the world's
carbon dioxide—the price tag is not small. But, the switch to clean,
renewable energy gives an immediate savings of $11 trillion per year.
This means that the world could offset the upfront costs in as little
as six years, if these countries were just willing to make the change.
Professor Jacobson and his team recommend
that the world switch over to 100% renewable energy by 2035, and
certainly no later than 2050. The team's goal is to have 80% of the
globe make the transition by 2030.
Though this may seem out of reach,
some countries are already making strides. Iceland operates on
nearly 100% renewable electricity, as do Albania and Paraguay. And
even Brazil, with its large population and mixed environmental record,
gets about 80% of its electricity from renewable sources. So, in the
end, these goals are not out of the question as long as more
governments get on board.
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