Doubling the renewables share in the global energy mix could save close to $4.2 trillion annually by 2030, according to a new report by the International Renewable Energy Agency (IRENA).
The report, REmap: Roadmap for a Renewable Energy Future, also recommends options to boost the renewable energy share in the global energy mix to up to 36% by 2030 from current 18%.
According to the report, an average annual investment of around $770bn is required up to 2030 to double the renewable share in energy mix.
Following surveying 40 countries that represent 80% of global energy, IRENA found that doubling renewables would avoid up to 12 gigatonnes of energy-related CO2 emissions in 2030.
The move would also create nearly 24.4 million jobs in the renewable energy sector by 2030, compared to 9.2 million in 2014, IRENA said.
IRENA Innovation and Technology Centre director Dolf Gielen said: "The energy transition is well underway in the power sector, but to reach global climate and development targets, the next phase will require more focus on transport, heating and cooling.
"If a doubling is achieved, these sectors would account for roughly half of renewable energy use in 2030 and so must scale-up dramatically to meet that target."
The report also highlights that the increase of renewables share would result in meeting nearly 50% of the world’s electricity needs from renewable sources in the future.
In the report, IRENA recommends the development and installation of renewable energy solutions for heating and cooling in new urban development projects and industry and promotion of electric transport that run on renewable power and biofuels to reduce air pollution, to achieve doubling target.
The introduction of energy systems to accommodate the variable nature of some forms of renewable energy could also help to achieve the target.
Image: Doubling renewable share in the global energy mix could create nearly 24.4 million jobs in sector by 2030. Photo: courtesy ofdan/FreeDigitalPhotos.net.