Renewable energy 10 times cheaper
GREENPEACE AND EREC JOINT PRESS RELEASE
Embargoed until: 00:01 FRIDAY 6 JULY 2007
Cost of renewable energy 10 times cheaper than ‘business as usual’ fossil-fuelled future, says breakthrough report
Savings of US $180 billion per year predicted in first global analysis of renewable energy versus fossil fuels
Amsterdam/Brussels, 6th July 2007:
Investing in a renewable electricity future will save 10
times the fuel costs of a ‘business as usual’
fossil-fuelled scenario,
saving $180 billion USD
annually and cut CO2 emissions in half by 2030, according to
a joint report by Greenpeace and the European Renewable
Energy
Council (EREC) released today. (1)
In the first
global analysis of its kind, “Future Investment - A
sustainable Investment Plan for the power sector to save the
Climate’, demonstrates
a powerful economic argument
for a shift in global investments towards renewable energy
(including solar, wind, hydro, geothermal and bio energy),
within
the next 23 years, and away from dangerous coal
and nuclear power. The report gives the financial rationale
for Greenpeace’s "Energy [R]evolution,"
a blueprint
for how to cut global CO2 emissions by 50% by 2050, while
maintaining global economic growth (2).
"As Live Earth
mobilises billions of people to take urgent action against
the climate threat, our report shows not only that the
world’s electricity
needs can be met by renewable
energy, but that by doing so, we will literally save
trillions of dollars; a massive US $180 billion a year,
forever”
said Sven Teske, Greenpeace International,
Energy Expert .
“In sharp contrast, a ‘business as
usual’ approach casts a dark cloud over our future. Its
10,000 new fossil fuel power plants,
would increase
global CO2 emissions by over 50%, and more than double fuel
costs; there is no way of putting a price on the disastrous
results
this will have for environment and humanity.”
The Energy [R]evolution needs an extra global annual
inventment of $22 billion in clean and renewable power
plants on top of current expenditure.
The fuel cost
savings in the scenario, of up to $202 billion per year,
means this will pay for itself ten times over. Meanwhile,
converting the massive subsidies of $250 billion a year
that coal and gas receive to clean, safe renewable energy
will
cover the costs of the energy [r]evolution and much
more.
According to EREC the global market for wind
turbines was worth some €18 billion in 2006, and the total
renewable industry $50 billion.
Under an energy
[r]evolution scenario, the renewable energy would be worth a
massive $ 288 billion by 2030.
“The renewable industry
is willing and able to deliver the power plants the world
needs, we simply need the right climate and energy policy.
Decisions made in the next few years, will continue to
have an impact in 2050. Only if a renewable energy path is
taken, can
we avoid the worst excesses of climate
change!” said Oliver Schäfer, EREC policy director.
The
report stresses the urgent need for decisive action now. In
the next decade, many existing power plants will need
replacing,
and emerging economies such as China, India
and Brazil are rapidly building new energy
infrastructure.
A copy of “Future Investment - A
sustainable Investment Plan for the power sector to save the
Climate’ is available
at
http://www.greenpeace.org/energy-revolution-financing
ENDS
Notes
1. The Energy [R]evolution Scenario is a real alternative
to the IEA´s world energy outlook, and the only practical
blueprint for how to cut global energy related CO2 emission
by 50% by 2050 to avoid dangerous climate change,
while
maintaining global economic growth. You can download it at
http://www.greenpeace.org/international/press/reports/energy-revolution-a-sustainab
2
With no change in energy policy, utilities will invest in
more than 10,000 new fossil fuel power plants until 2030
worldwide. To supply those coal and gas fired power plants
with fuel will add up between today and 2030 to US$18,6
trillion,
compared to US$13,1 trillion in the Energy
[R]evolution Scenario. This means fuel costs in the Energy
[R]evolution Scenario are already 30% lower in the year
2030, by 2050, they are more than 70%
lower.