Wednesday, March 20th, 2019

Fuel savings can pay for green energy shift

Street lamps powered by wind and solar energy line the side of a road leading from Athi-river town in Machakos county, approximately 25 kilometres from the Kenyan capital Nairobi, on August 19, 2015Making the global switch from climate-altering fossil fuels to renewables by 2050 would require an extra $1 trillion (880 billion euros) per year, but the bill will be covered by lower energy costs, a Greenpeace report said Monday. On top of some 600 billion euros per year already earmarked by governments and businesses for investment in renewables, the extra funding would be needed to build enough green energy generators to replace coal-, oil- and gas-fired power stations, it said. The investment would be more than offset by annual savings of nearly $1.1 trillion in fuel costs, said the report entitled "Energy (R)evolution", compiled by experts from Greenpeace and the German Aerospace Centre.

Speak Your Mind

Questions or comments? We'd love to hear from you!