Switching to renewable energy is a way to reduce carbon emissions and protect public health. Burning fossil fuels contributes to air pollution and unhealthy levels of fine particulate matter. Breathing polluted air contributes to respiratory and cardiovascular problems.
Renewable energy sources have become cheaper over the last decade. But the total amount of renewable energy in the world is still less than our current demand. Getting to an all-renewable electricity grid requires massive investments.
A recent study conducted by the Risky Business Project focuses on transitioning from fossil fuels to electricity. It found that switching to clean energy could save the economy $4 trillion a year. In addition, it could create 30 million new jobs in clean energy technology by 2030.
The study’s conclusion is that an energy transition is feasible, but it requires major government support. It also needs efficient renewable technologies. This includes a reliable, robust electric grid.
If we can get the government to establish a price on carbon, it could provide enough incentive to make the switch. It would be a win-win for everyone.
Getting the transition right is vital for both the environment and the economy. To make the change, we will need to invest in efficient renewable technologies that improve resilience and security. These technologies will also help to build a system that is less prone to market shocks.
While this report is a general summary of the cost of an energy transition, it does include some compensation to the coal industry. However, these are likely small in comparison to the overall net gains from the transition.