Is There Enough Renewable Energy to Power the World?

A new report has found that the world has more than enough renewable energy potential to replace fossil fuels and meet the 1.5ºC target from the Paris Agreement. It argues that this shows that we can move away from fossil fuels and embrace renewable energy as a viable solution to the climate crisis. We explore what this means and how it would work.

Is there enough renewable energy to power the world?

The Fossil Fuel Exit Strategy argues that every continent in the world has enough renewable energy potential to provide 100% renewable energy access to its population. In fact, renewable energy sources can be scaled up rapidly enough to meet the energy demands of every person in the world.

The importance of ending fossil fuel production

According to the Fossil Fuel Exit Strategy, we have more than enough renewable energy potential to comfortably move away from fossil fuels while ensuring that everyone on the planet has access to energy.

However, with current rates of fossil fuel consumption, carbon emissions are still far too high to stay on course for reaching the Paris Agreement goals. Even if fossil fuel expansion ended overnight, too many fossil fuels are already under production in existing coal mines and oil and gas wells to remain within a 1.5°C budget.

Replacing hundreds of the coal plants already in existence with renewable energy sources could actually save £22.8 billion every year in costs, while also avoiding about 3 gigatonnes of CO2 emissions.

The report shows that, by 2030, even without any new coal, oil or gas projects, the world would produce 35% more oil and 69% more coal than is consistent with a 1.5°C pathway.

It is therefore clear that, to keep global warming to below the temperature goal of 1.5ºC settled upon in the Paris Agreement, there must be both an end to the expansion of fossil fuel production and a phase down of existing production.

Renewable energy as an economically viable alternative

Not only is it essential that we move towards renewable energy and away from fossil fuels in order to preserve our planet, it is now actually a potentially cheaper alternative, meaning the switch is both feasible and economically viable.

In fact, a report by the International Renewable Energy Agency found that the falling cost of new wind farms and solar panels means that 62% of new renewable energy projects could undercut the cost of up to 800 gigawatts worth of coal plants.

They believe that replacing hundreds of the coal plants already in existence with renewable energy sources could actually save £22.8 billion every year in costs, while also avoiding about 3 gigatonnes of CO2 emissions.

The cost of renewable energy sources has dropped over the years, which the Fossil Fuel Exit Strategy argues means that economic potential for renewables has grown alongside technical potential.

Can we move to a renewable world?

The authors of the Fossil Fuel Exit Strategy, as well as those involved in other reports on renewable energy, believe that now is the time for us to fully get behind renewable energy as the primary source of power for the world, not just a green alternative.

If we continue to produce fossil fuels at the rate we currently are, and even expand production further, it will become impossible for us to reach the goals.

However, it is clear from this report that there is enough renewable energy to power the world. Therefore, if we continue to invest in renewable energy and fully commit to these projects, we will be on the right path to combatting climate change and global warming.