• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 17 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 5 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 10 hours Mr
  • 9 mins Russia's Rosneft Oil is screwed
  • 19 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 7 hours Free market or Freeloading off the work of others?
  • 9 hours Marine based energy generation
  • 21 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 22 hours How to Create a Pandemic
  • 7 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 14 hours Which producers will shut in first?
  • 21 hours Real Death Toll In CCP Virus May Be 12X Official Toll

Breaking News:

WTI Slides On Huge Crude Inventory Build

Alt Text

Is Germany Too Dependent On Renewable Energy?

Germany is racing forward with…

Alt Text

Self-Healing Lithium Batteries Are On The Horizon

Researchers at the University of…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Clean Energy Can Bring $10 Trillion Annual Benefits By 2050

A dramatically increased share of renewables and higher energy efficiency have the potential to create benefits of up to $10 trillion annually by 2050, compared to estimated incremental system costs of decarbonization of $1.8 trillion annually, according to a new report by the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA).

Global GDP could be boosted by around 0.8 percent in 2050, or $1.6 trillion, while the cumulative gain through increased GDP from now to 2050 will amount to $19 trillion, the two agencies said in their joint report ‘Perspectives for the Energy Transition - Investment Needs for a Low-Carbon Energy System’, which was prepared at the request of the German government to provide input for the G20 presidency.

However, the IEA noted that limiting the global mean temperature increase to below 2°C with a probability of 66% would “require an energy transition of exceptional scope, depth and speed”.

According to the IEA, the longer-term climate goals can be achieved if emissions peak before 2020 and drop by more than 70 percent below current levels by 2050. In addition, by 2050, almost 95 percent of the world’s electricity would need to be low-carbon, compared to around one-third today. Furthermore, 7 out of every 10 new cars would need to be electric, compared with 1 in 100 today, the IEA said.

According to the agency, fossil fuels would still be needed in 2050 – especially natural gas – and are expected to account for 40 percent of energy demand, around half of today’s level. The long-term climate goal achievement would also need on average $3.5 trillion in energy-sector investments each year until 2050, which is around twice the current level of investment. Related: Can NYC Reach Its Renewable Energy Storage Goals?

According to IRENA’s input in the report, the energy transition is affordable, but it will require additional investments in low-carbon technologies. Cumulative additional investment would still need to amount to $29 trillion over the period to 2050. This is in addition to the investment of $116 trillion already envisaged in the Reference Case, IRENA said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • EH on March 20 2017 said:
    Awww that's to far off the mark. You, I and most of us reading this know that. It will be here my sources say, by 2027. Wish I had the money I put in the tank over the, 40+ yrs,, I put in those Co.
  • walt on April 10 2017 said:
    And we all know that those additional savings will never be directed to the consumer, but be simply more profits for the CEO"s- another 400% raise- betcha betcha!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News