Renewable Energy Finally Gets A Solid Dollar Figure Backing Up Its Adoption: $500 Billion Per Year And 1.3 Million Saved Souls

If the countries of the world switch over completely to renewable energy resources, they would collectively save $500 billion each year, according to a recent study. Apart from backing up the decision of using renewable energy with a good solid dollar figure, the study also assures that the green-energy sources will also save more than a million lives annually.

Renewable energy advocates finally have a concrete argument to present to the governments and force them to speed-up and enhance adoption of renewable energy. According to a new report commissioned by the Climate Action Network, if the U.S., the European Union and China started taking the steps towards using 100 percent renewable energy by 2050, they’d save a combined US$500 billion per year.

Apart from saving huge amounts and the environment, the governments would save the lives of around 1.3 million people who are killed prematurely by air pollution. Additionally, the endeavor to go green and stay purely on renewable energy sources will create 3 million new jobs by 2030. If that’s not enough, the study also predicted that if all countries started collectively moving towards the 100 percent renewable target, global warming would not cross the two degrees Celsius threshold that many scientists believes is the “point of no return” for climate change.

The extensive and comprehensive study looked at how fossil fuel use and greenhouse gas emissions were linked to the economy, health and job market of the three major economies; America, EU and China. Subsequently, they assessed how the governments’ current climate change commitments would benefit those areas.

Fortunately, if not 100 percent, many of the big governments have pledged to increase their dependency on renewable energy resources and reduce their greenhouse emissions in the process. While the European Union has aimed at getting 40 percent of its emissions below 1990 levels by 2030, America is committed to getting its emission down to 28 percent below 2005 levels. China, the country that is steadily increasing usage of renewable energy resources, has promised to obtain 30 percent of its power from non-fossil fuel sources by 2030.

Even if countries stick to their current promises, they’ll collectively prevent around 113,000 air-pollution deaths, save at least US$ 33 billion and create 1 million jobs per year. As an additional incentive, the report took things one step further, and investigated what would happen if all countries aimed to be powered by 100 percent renewable energy sources by 2050.

Though it sounds impossible to shift completely to renewable energy sources, countries like Costa Rica and smaller cities in America have proved that it is possible. While it is imperative to cut down fossil fuel usage, politicians and businesses have to be routinely reminded and encouraged to do so.

[Image Credit | Top DIY Solar Panels]