A new report launched during the COP23 UN climate summit, suggests that a 24-hour renewable electricity system is fully feasible by 2050.
It is claimed that with a reduction in fossil fuels and nuclear power, the system would be much more cost-effective than current the generation system.
The system would rely heavily on energy storage and suggests that an improvement in technological developments by 2050 will help the system to become a reality.
The report predicts that costs associated with a fully renewable system would be around £46/MWh in 2050, a reduction from £62 in 2015.
The report authors – Lappeenranta University of Technology and German non-profit Energy Watch Group – also claim that with the addition of around 36 million jobs as a result of the system, the planned system will have a wide appeal.
In addition to battery storage, which is predicted to cover around 31% of capacity, the report predicts that solar power will be the main driver of energy production for the system making up to around 69% of generation.
Wind energy will make up 18%, hydropower 8% and bioenergy 2%, by 2050.
Hans-Josef, President of the Energy Watch Group, stated: “There is no reason to invest one more dollar in fossil or nuclear power production. Renewable energy provides cost-effective power supply.”
“All plans for a further expansion of coal, nuclear, gas and oil have to be ceased.”
“More investments need to be channelled into renewable energies and the necessary infrastructure for storage and grids.”
“Everything else will lead to unnecessary costs and increasing global warming.”