Transitioning Australia to 100% renewable energy by 2050 would cost less than continuing on the current path, according to a new report.
Building the infrastructure to supply renewable energy for all electricity, transport and industry would cost about $800bn between now and 2050, the report from the institute for sustainable futures at the University of Technology Sydney, found.
That’s about $650bn more than continuing with the status quo. But by removing the need for fossil fuels such as coal, gas and oil, it would save the economy up to $740bn, saving $90bn over the period to 2050, the report found.
Fuel cost savings would cover 110% of the capital investment needed to transition the economy.
The report is the first comprehensive modelling study to examine a scenario where not just electricity, but also all transport and heat used by industry, is transitioned to 100% renewable energy in Australia. It uses a model developed by the German Aerospace Agency and Greenpeace, which was relied on to help inform how Germany would implement its 80% renewable target for 2050, and by the Intergovernmental Panel on Climate Change (IPCC) for some of its scenario testing.
Commissioned by GetUp and Solar Citizens, it examines three scenarios for Australia’s energy system.
The first is based on a continuation of current policies and government forecasts, in which coal, gas and other fossil fuels continue to be used. The second scenario sees electricity generation is almost completely transitioned to renewable energy by 2030, but gas and oil continue to be used for heat and transport.
In the third scenario electricity generation is completely transitioned to renewable energy by 2030, and all transport and heat used in industry are transitioned by 2050. Renewable synthetic fuels replace fossil fuels in some cases where electrification is difficult, such as air travel and long distance freight.
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