Towards Renewable Energies; One Trillion Dollars Investment Annually

To change the world's consumption pattern from fossil fuels to renewable energy by 2050, an annual investment of 1 trillion dollars (880 billion euros) is needed. According to a report titled 'Energy Transformation' published by the 'Greenpeace' group, governments and companies invest 600 billion euros annually in renewable energy; the remaining amount must be spent on building green energy generators to replace gas, oil, and coal power plants. The report, prepared by experts from the 'Aerospace Center' in Germany and the 'Greenpeace' group, adds that considering the annual savings of 1.1 trillion dollars in fossil fuel consumption, this heavy cost is compensated. For example, wind turbines require no cost to produce electricity, whereas power plants must operate using expensive fuels. The 'Greenpeace' report states that 'given that renewable energies do not require fuel, by 2050, annual savings of 1.07 trillion dollars will exceed the required investment amount. Countries are trying to limit greenhouse gas emissions, but the high cost of doing so is a significant barrier, especially for poor and developing countries. Esun Tzke, the main author of the report, states that 'the solar and wind energy industries are now cost-competitive with coal.' He believes that 'every dollar invested in new fossil fuel projects is, in fact, a high-risk investment.' According to the 'Energy Transformation' report, the solar energy industry has the potential to create jobs for about 9.7 million people by 2030. This number is more than ten times the current employment level and equal to the current employment level in the coal industry. Job creation in the wind industry could also increase tenfold to reach 8 million. Researchers based their forecasts on UN estimates of population growth and development. It has also been assumed that the world's energy system will be completely carbon-free in the next 35 years. They also considered the increasing energy demand in developing countries in Africa and Asia, while the demand from wealthy countries will gradually decrease. The peak energy demand will occur in 2020. The report also notes that the investment cost for renewable energies will decrease with technological advancements. Based on this research, electricity prices will increase by 0.02 dollars per kilowatt-hour in the short term. However, with the rising prices of fossil fuels, the investment costs in renewable energy will become economically justified by 2030 and will save 1.7 dollars per kilowatt-hour by 2050. The latest report from the scientific journal 'Science Advances' states that if all fossil fuels are consumed, approximately ten thousand billion tons of carbon dioxide will be released into the Earth's atmosphere, causing all Antarctic ice to melt and sea levels to rise by several meters. In this case, all cities will be submerged, and temperatures will reach unbearable levels.