Geneva (AFP) Feb 3, 2011
The environmental group WWF argued on Thursday that a radical, near total elimination of oil and shift to clean energy within 40 years would generate four trillion euros ($5.4 trillion) in savings a year.
"The Energy Report" produced by WWF and consultancy Ecofys seeks to make the case for a concerted move away from high carbon fossil fuels such as oil, coal and gas to 95 percent clean energy by 2050 through "massive" investment to tackle climate change.
The report advocates a one to 3.5 trillion euro annual investment in renewable sources and energy efficiency as well as lifestyle changes over the next quarter of century.
As major oil companies started to unveil their large profits for 2010 and investment plans, WWF admitted that its proposals were "ambitious" and would mark "a radical departure from humanity's current course."
WWF Director General James Leape acknowledged that the initial need to gather huge capital finance was a major challenge, as well as the likely inevitable "substantial" use of biofuels for aircraft, ships and trucks, potentially clashing with food crops and land use.
However, Leape said it was now technically and economically feasible as well as unavoidable to cut carbon emissions and tackle global warming, based on "conservative estimates".
"What we found is that even with the technology available today it is fully possible to meet the needs of all the world's population for energy from clean renewable sources," he told journalists.
"And we can do it without major impacts on global growth."
Currently, fossil fuels account for 80 percent of the world's energy while investment in clean energy worldwide reached 110 billion euros by 2009, according to the report.
"By 2050 we save nearly four trillion euros per year through energy efficiency and reduced fuel costs compared to a 'business-as-usual' scenario," it added.
Despite the huge costs involved in a switch the report claimed the balance could break even by 2040.
The WWF highlighted savings from an end to fossil fuel subsidies around the world totalling 500 billion to 800 billion dollars a year, based on recent International Energy Agency (IEA) and OECD estimates.
It also estimated that the steps would produce a net 15 percent decrease in overall global energy demand by 2050, even with population growth, industrial expansion and increasingly wealthy populations.
Apart from more commonly advocated massive changes in fuels for transport and power supplies, the report pinpoints a huge range of steps to achieve less energy use that would affect different walks of everyday life, from housing to travel and eating habits.
Saudi petroleum and energy minister Ali Ibrahim Al-Naimi predicted in Geneva this week that the global energy mix would settle at about 50-50 split between oil and renewables or other sources.
The OPEC stalwart highlighted a near 40 percent growth in overall energy needs over the coming decades predicted by the IEA, typified by the recent surge in demand for oil from emerging nations like China and Brazil.
"The world does not have the luxury of discarding any particular energy source," argued Naimi. He has supported technological measures to reduce pollution and emissions from oil.
Energy and oil giant Royal Dutch Shell announced Thursday that its net profits almost doubled last year to 18.6 billion dollars (13.5 billion euros).
Share This Article With Planet Earth
Powering The World in the 21st Century at Energy-Daily.com
Undersea electricity cable envisioned
Aberdeen, Scotland (UPI) Feb 1, 2011
Scottish authorities say they are examining the feasibility of stringing an undersea electrical power cable linking Scotland and Norway. The plan will be examined as part of a study into a proposed new North Sea power line between European electrical networks, the BBC reported Tuesday. Scottish and Southern Energy has signed a partnership agreement with three Norwegian utilities ... read more
Europe launches trillion-euro energy revamp|
Neiker-Tecnalia Creates Air-Conditioned Greenhouse With Alternative Energies
China and the U.S. sign energy deals
Mexico supplies electricity to wintry Texas
Iraq to respect Kurd profit-sharing oil deals: PM
India jabbed by coal price increases
Iraqi Kurdistan resumes pumping oil to export line
New Model For How Nevada Gold Deposits Formed May Help In Gold Exploration
Construction Begins On Dempsey Ridge Wind Project
India's Suzlon wins $1.28 bn wind power deal
German wind sector hopes for 2011 comeback
U.S. behind China in wind power energy
Enecsys Solar PV Micro-Inverter Gain UL Certification
United Solar Announces World Record Thin-Film Silicon Cell Efficiency
Duke Energy And SunEdison Announce Completion Of Solar Farm
Pepco Energy To Implement PV Project For US DoE
Russia to help Belarus build nuclear power plant
Animals at nuclear sites trapped, tested
Sweden kicks off large-scale nuclear accident exercise
China to boost nuclear power
Microbiologists At TU Muenchen Aim To Optimize Bio-Ethanol Production
Analyzing Long-Term Impacts Of Biofuel On The Land
Malaysian forests destroyed for palm oil
Current Use Of Biodiesel No More Harmful Than Regular Diesel
Slow progress in U.S.-China space efforts
China Builds Theme Park In Spaceport
Tiangong Space Station Plans Progessing
China-Made Satellite Keeps Remote Areas In Venezuela Connected
China farmers to get $15 bn subsidies amid drought
Man, Volcanoes And The Sun Have Influenced Europe's Climate Over Recent Centuries
Australia faces worse storms: climate experts
Island-Scale Study Reveals Climate-Change Effects
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|