The additional costs of doing this would be $1.7 tn p.a. in 2050, the agency calculates in its Roadmap to 2050. But savings from avoided air pollution, reduced environmental damage, and increased health would be $6 trillion p.a. in 2050.
On the current trajectory, the energy-related CO2 emissions budget will be blown in less than 20 years. Cumulative emissions must at least be reduced by a further 470 gigatons by 2050 compared to current and planned policies.
Renewables and energy efficiency can provide more than 90% of the cuts in needed in energy-related CO2 emissions. Emissions are expected to be flat in the business-as-usual Reference Case, but must be cut >70% in the Paris-congruent Remap Case.
IRENA’s energy transition would generate over 11 million additional energy sector jobs by 2050. The job gains in renewable energy and energy efficiency would greatly exceed fossil-fuel job losses.
Image: from report