A world that runs entirely on green energy will fuel a green economy, spur social development, and make the planet cleaner. Crucially, it will help fight climate change and its many consequences for humans and nature.
We have many of the solutions to get there, but the green energy transformation is not happening nearly fast enough. A 2018 IPCC report demonstrates that we need to reduce current global greenhouse gas emissions by 55% in 2030 and achieve net-zero emissions by 2050 for the planet to stay below a 1.5°C increase in global warming. This requires energy to be almost completely de-carbonised.
Globally, coal needs to be completely phased out by 2050 and renewables must power 60% of energy use by 2030, rising to 70-85% by 2050.
Wind and solar play a key role. The deployment of these technologies at scale has brought down costs making them cheaper than fossil fuels and nuclear in many markets. This is a game changer that we think will inspire a global green energy revolution.
Benefits of a greener worldA cleaner, greener world will benefit all living creatures, and on a societal level, it will bring wide scale benefits. The transformation will stimulate economic growth through low-carbon employment, which is projected to lead to a net gain of 37 million jobs globally.
It will also trigger social development. The almost one billion people who do not have access to electricity today will be able to enjoy the advantages of light at the flick of a switch, refrigerated food, and heating or cooling.