100% Renewable Electricity Worldwide is Feasible and More Cost-Effective than the Existing System
A global transition to 100% renewable electricity is not a long-term vision, but already a tangible reality, a new groundbreaking study by the Lappeenranta University of Technology (LUT) and the Energy Watch Group (EWG) shows. The study was presented on November 8, 2017 during the Global Renewable Energy Solutions Showcase event (GRESS) on the sidelines of the United Nations Climate Change Conference COP23 in Bonn.
The results of the study are revealing: A global electricity system fully based on renewable energy is feasible at every hour throughout the year and is more cost effective than the existing system, which is largely based on fossil fuels and nuclear energy.
Existing renewable energy potential and technologies, including storage can generate sufficient and secure power to cover the entire global electricity demand by 2050[1]. Total levelised cost of electricity (LCOE) on a global average for 100% renewable electricity in 2050 is €52/MWh (including curtailment, storage and some grid costs), compared to €70/MWh in 2015.
“A full decarbonization of the electricity system by 2050 is possible for lower system cost than today based on available technology. Energy transition is no longer a question of technical feasibility or economic viability, but of political will”, Christian Breyer, lead author of the study, LUT Professor of Solar Economy and Chairman of the EWG Scientific Board said.