Global economy would save up to $160 trillion by shifting to renewables, electric cars

Imagine a world where 85% of all electricity comes from renewable sources, there are over one billion electric vehicles on the road, and we are on track to preserve a livable climate for our children and future generations. The International Renewable Energy Agency (IRENA) reported this week that such a future is not merely possible by 2050, but thanks to plummeting prices in key clean energy technologies, the cost of saving the climate has dropped dramatically. In fact, according to IRENA’s new report, the most cost-effective strategy to achieve a “climate-safe future” keeping global warming below 2 degrees Celsius is an accelerated energy transition to renewables and energy efficiency coupled with electrification of key sectors like transportation.