Clean Energy Economy Will Cost Billions Annually
OAKLAND, Calif. — It will cost $515 billion annually through 2030 to wean the world off fossil fuels in favor of clean energy sources, according to a report released last week by the World Economic Forum.
Onshore and offshore wind, solar thermal and photovoltaics, waste-to-energy, geothermal and next-generation and sugar-based biofuels were identified as large-scale clean energy sectors that governments throughout the world should pursue to address energy security and climate change, the report (PDF) said.
The report, released at the annual meeting in Davos, suggests the transition to clean energy should be included in government stimulus plans, which is similar to U.S. President Barack Obama’s efforts to include billions in renewable energy and energy efficiency measures in the massive stimulus bill making its way though Congress.
The report’s release comes within days of Texas awarding $5 billion in projects aimed at propping up capacity of the state’s transmission lines, which currently cannot handle incredible growth in wind energy generation.
When the projects are completed, there could be up to 2,900 miles of new power lines. Texas leads the country in wind generation, and current power lines are near capacity.
