Renewable energy based global electricity system, including storage, is practical at every hour throughout the year which could be more cost effective than the existing systems, largely based on fossil fuels and nuclear energy. Existing renewable energy potential and technologies that includes storage can generate sufficient and secure power to cover global demand by 2050.
Yesterday Finland's Lappeenranta University of Technology and German non-profit energy watch group(EWG) launched the study at the COP23 UN climate summit in Bonn. estimates total levelized cost of electricity (LCOE) on a global average for 100% green power in 2050 to be €52 (£46)/MWh, including storage and grid costs, compared to €70 (£62)/MWh in 2015. The transition to 100% renewable could also create 36 million jobs across the globe.
Solar and battery storage would increasingly drive most of the electricity system, due to the rapidly falling costs, with solar PV reaching around 69%, wind energy 18%, hydro power 8% and bioenergy 2% of the total power mix in 2050 globally. Batteries would be the key supporting technology for solar, with storage output covering 31% of total demand in 2050.
“There is no reason to invest one more dollar in fossil fuel and nuclear power production. Renewable energy provides cost-effective power supply. All the plans for coal, nuclear, gas, oil expansion have to be ceased”, says EWG President Hans-Josef. He also added “there is need for more investment to be channelled in renewable energies and necessary infrastructure for storage and grids.”