Last week was filled with good news as the IPCC released its Special Report on Renewable Energy Sources and Climate Change Mitigation für erfreuliche Nachrichten: A share of 80% renewable energy in the global energy mix is possible until 2050 if politics provides investment and attractive subsidies.
In concrete terms, annual investments of 1% of global GDP are necessary, which isn’t such a big number if we compare it to annual fossil fuel subsidies of $ 600 bn. Moreover, while the costs of renewable energy are decreasing, the costs of fossil fuels are expected to further increase in the coming decades.
This provides a unique chance especially for developing countries which are most affected by climate change, e.g. as electricity can be generated in regional areas thanks to photovoltaics. In the face of a lack of financial investments, industrial countries need to take responsibility and offer financial and technological support.
Despite two-digit growth rates for wind and solar energy, we still face a global energy mix that is dominated by coal, oil and gas. And while the share of renewable energy already amounts to 13%, this mainly consists of biomass (10%) which means deforestation and dangers to health in developing countries.
It is clear that the chances of a global energy revolution are bigger than ever and that cost parity between renewable energy and fossil fuels is within reach. So, it is even more important that decision-makers support this energy revolution by building the necessary political and legal framework on a national and international level!