According to a report, the potential of renewable energy, specifically solar and wind energy, is far higher than that of fossil fuels and can meet global energy demand 100-times over. The report says that fossil fuels can be replaced entirely by mid-century, making it easier to achieve net-zero emissions. 

What is Happening?

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Kingsmill Bond, Carbon Tracker’s energy strategist and report lead author, says, “We are entering a new epoch, comparable to the industrial revolution. Energy will tumble in price and become available to millions more, particularly in low-income countries. Geopolitics will be transformed as nations are freed from expensive imports of coal, oil and gas. Clean renewables will fight catastrophic climate change and free the planet from deadly pollution.”

Harry Benham, co-author of the Carbon Tracker report and chairman of think tank Ember-Climate, says, “The world does not need to exploit its entire renewable resource-just 1% is enough to replace all fossil fuel usage. Each year we are fuelling the climate crisis by burning three million years of fossilised sunshine in coal, oil and gas while we use just 0.01% of daily sunshine.”