Home Energy system A study reveals that 100% of renewable energies would be profitable in 6 years – pv magazine International

A study reveals that 100% of renewable energies would be profitable in 6 years – pv magazine International

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A new study by Stanford University researcher Mark Jacobson describes how 145 countries could meet 100% of their usual energy needs through wind, water, solar and energy storage. The study concludes that in all countries considered, lower cost energy and other benefits mean that the investment required for the transition is amortized in six years. The study also estimates that globally, such a transition would create 28 million more jobs than it would lose.

As renewables make up a larger share of the global energy mix and targets are put in place to increase it further, there are many concerns about the cost that a radical change in our energy systems will entail. And the intermittent nature of wind and solar also creates concerns about insufficient supply and possible outages.

The latest models of energy systems by Stanford University researcher Mark Jacobson, however, show that for 145 countries, the energy transition too 100% wind, water, solar and storage would pay for itself in six years, and would ultimately cost less than to continue with the current one. energy systems.

“Worldwide, WWS reduces end-use energy by 56.4%, annual private energy costs by 62.7% (from $17.8 to $6.6 trillion per year) and costs annual social (private plus health and climate) energy costs by 92.0% (from $83.2 billion to $6.6 trillion per year) at a present value cost of $61.5 trillion,” Jacobson said in his latest article “So WWS requires less energy, costs less and creates more jobs than the status quo.”

He described the model in “Low-cost solutions to global warming, air pollution, and energy insecurity for 145 countries”, which was recently published in Energy and environmental sciences. It builds on Jacobson’s earlier work by adding new countries, more recent energy consumption data from all regions, and calculations to address uncertainty in the future price of battery energy storage. , the role that batteries will play and the development of newer technologies such as the vehicle to the grid. But despite these uncertainties, Jacobson is certain that technological barriers do not present a major obstacle to the transition.

“(About) 95% of the technologies needed to implement the proposed plans are already commercialized,” he says.

The study also finds that while jobs would be lost in the mining and fossil fuel segments, 28 million more jobs would be created than lost overall. Only Russia, Canada and parts of Africa are expected to suffer net job losses, as the economies in these regions are heavily dependent on fossil fuels.

While the study provides clear evidence that a full transition to 100% renewable energy is both technically and economically possible, Jacobson cautions that many uncertainties remain.

“Many additional uncertainties exist. One of the most important is whether enough political will can be mustered to make a transition at the rapid pace needed,” he said. “However, if the political will can be mustered, then transitioning the world entirely to clean, renewable energy should significantly reduce energy needs, costs, mortality from air pollution, global warming and energy insecurity while creating jobs, compared to the BAU.”

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