Electricity production costs could be reduced by up to 50% by 2050 if countries introduce renewable energy sources faster than currently planned, Finnish energy company Wärtsilä said in a report.
The report simulates three markets in Germany, India and California with vastly different socio-economic structures, energy systems and challenges.
The report shows that there are significant benefits to be gained from accelerating the deployment of renewable energy sources. For example, India could cut its electricity generation costs in half by 2050, while California and Germany could cut costs by 17% and 8% by 2040, respectively. Renewable energy sources as the main source for electricity generation can contribute to energy independence. For example, Germany could avoid the need to import 550 TWh of electricity by accelerating the phase-out of coal, the report said.
“The cost of generating electricity could be reduced by up to 50% by 2050 if countries and states implement 100% renewable systems faster than currently planned. Significant cost savings can be achieved through the early deployment of renewable energy sources, mainly wind and solar, and through the use of technologies such as energy storage, ”- said in the message.
The report’s authors are confident that clear and affordable pathways to 100% renewable energy, modeled on these vastly different energy systems, show that affordable clean zero economies are available to every country COP26 – United Nations Climate Change Conference November 2021 in Glasgow , on the eve of which the current report was released.