The provision of affordable and reliable clean energy while growing economies is technically and economically feasible, according to a new report from the Energy Transitions Commission (ETC).
But the report – ‘Better energy, greater prosperity’ – said governments, investors and businesses must act now to accelerate the decarbonisation of economies and halve global greenhouse gas emissions by 2040.
It said that the falling cost of renewables and batteries make clean power cost effective, while there is untapped potential to improve energy productivity – the energy-intensity of GDP.
“Growth of 3% per annum could be achieved with the right policies effectively implemented,” ETC said.
However, “rapid progress” is also required in the development of other technologies, such as bioenergy, hydrogen and carbon capture and storage, the report added.
ETC chair Adair turner said: “We are ambitious but realistic. Despite the scale of the challenges facing us, we firmly believe the required transition is technically and economically achievable if immediate action is taken.”
The ETC is a coalition of academics, companies, people and NGOs aimed at accelerating low-carbon energy system deployment.
Image: sxc
Green shift ‘financially feasible’
Report says action will bring affordable power and economic growth
By EBS