IRENA: US can save up to $140B with increased renewables investment
January 13, 2015 | By
Barbara Vergetis Lundin
The United States can increase the use of renewable energy in its energy portfolio from 7.5 percent in 2010 to 27 percent by 2030. That is according to research from the International Renewable Energy Agency (IRENA), who also says the U.S. can increase its use of renewable energy in power generation from 14 percent to almost 50 percent by 2030 -- making the United States the largest renewable energy user second only to China. "As the second largest energy consumer in the world, the U.S. must continue to play a leading role in the global transition to a sustainable energy future," said Adnan Z. Amin, director-general of IRENA. "The recent agreement between the U.S. and China to reduce greenhouse gas emissions is a groundbreaking step, but this report aims even higher, showing that more can be done at limited cost." If things stay as are now in terms of policy, the share of renewable energy in the U.S. energy mix will only reach 10 percent by 2030, according to IRENA, who says that an annual investment of $86 billion between now and 2030 is required to reach the 27 percent renewables mark -- an increase of $38 billion annually beyond a business-as-usual scenario. "REmap 2030 (IRENA's renewable energy roadmap to double the world's renewable energy by 2030) shows that the US could install significantly higher amounts of renewables -- and that it can do so affordably," said Amin. "Even in a country with cheap shale gas like the U.S., renewable energy is still cost competitive and reduces air pollution, enhances energy security, benefits the economy, and plays a leading role in fighting climate change." IRENA contends that a higher renewable share would result in an annual savings of $30 billion to $140 billion by 2030 when taking into account factors like human health and reduced emissions. For more: © 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved. http://www.fierceenergy.com/story/irena-us-can-save-140b-increased-renewables-investment/2015-01-13 |