Publication - 100% Renewable Electricity Worldwide is Feasible and More Cost-Effective than the Existing System
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Existing renewable energy potential and technologies, including storage can generate sufficient and secure power to cover the entire global electricity demand by 2050. The world population is expected to grow from 7.3 to 9.7 billion. The global electricity demand for the power sector is set to increase from 24,310 TWh in 2015 to around 48,800 TWh by 2050.
Total levelised cost of electricity (LCOE) on a global average for 100% renewable electricity in 2050 is €52/MWh (including curtailment, storage and some grid costs), compared to €70/MWh in 2015.
Due to rapidly falling costs, solar PV and battery storage increasingly drive most of the electricity system, with solar PV reaching some 69%, wind energy 18%, hydropower 8% and bioenergy 2% of the total electricity mix in 2050 globally.
Wind energy increases to 32% by 2030. Beyond 2030 solar PV becomes more competitive. The solar PV supply share increases from 37% in 2030 to about 69% in 2050.
Batteries are the key supporting technology for solar PV. The storage output covers 31% of the total demand in 2050, 95% of which is covered by batteries alone. Battery storage provides mainly diurnal storage, and renewable energy based gas provides seasonal storage.
Global greenhouse gas emissions significantly reduce from about 11 GtCO2eq in 2015 to zero emissions by 2050 or earlier, as the total LCOE of the power system.
The global energy transition to a 100% renewable electricity system creates 36 million jobs by 2050 in comparison to 19 million jobs in the 2015 electricity system.
The total losses in a 100% renewable electricity system are around 26% of the total electricity demand, compared to the current system in which about 58% of the primary energy input is lost.
The study “Global Energy System based on 100% Renewable Energy – Power Sector” will have major implications for policy makers and politicians around the world, as it refutes a frequently used argument by critics that renewables cannot provide full energy supply on an hourly basis.The first of its art modeling, developed by LUT, computes the cost-optimal mix of technologies based on locally available renewable energy sources for the world structured in 145 regions and calculates the most cost-effective energy transition pathway for electricity supply on an hourly resolution for an entire reference year. The global energy transition scenario is carried out in 5-year time periods from 2015 until 2050. The results are aggregated into nine major regions of the world: Europe, Eurasia, MENA, Sub-Saharan Africa, SAARC, Northeast Asia, Southeast Asia, North America and South America.