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How Much Would It Cost to Solve Climate Change? And How Would We Pay for It?

Palmer Owyoung, Medium 31st May 2023

We know we need to replace fossil fuels with renewable energy. But as of
2023, we still get about 78 % of our energy from fossil fuels, with coal
making up the single biggest source of electricity at 36%. So how do we get
from where are today to 100% renewable energy before 2050? Is there a
climate change solution? Most importantly how much will it cost and who
will pay for it?

To answer the first question, we look to Mark Jacobson, a
professor of civil and environmental engineering and director of the
Atmosphere/Energy Program at Stanford University. In his 2023 Book No
Miracle Needed, he puts together a comprehensive plan based on real-world
data that shows how the world can transition off fossil fuels using
existing technology in the form of wind, solar, geothermal, hydo-electric,
and battery storage.

According to Jacobson we already have 95% of what we
need to get there and the remaining 5% will come from hydrogen fuel cells
that can power airplanes and long-distance cargo ships. The data for his
book comes from a detailed study that he published in 2015 of what each of
the 50 U.S. States needs to transition their electrical grid,
transportation, heating/cooling, and industrial sectors to renewable energy
powered by wind, water and sun.

The plan’s goal is to replace 80 to 85% of
fossil fuels by 2030 and 100% by 2050. This time frame is considerably more
aggressive than the Paris Climate Agreement and Jacobson not only addresses
the need to reduce greenhouse gas emissions and air pollution, but does so
while keeping energy costs low, creating new jobs and maintaining a stable
power grid.

One of the biggest issues with solar and wind is the
intermittency problem, which means that the sun does not always shine and
the wind doesn’t always blow. Jacobson’s 2015 report was criticized for
making assumptions about how energy could be stored and it was dismissed as
using unrealistic assumptions. His response was to write the 2018 study
that divided the world into 143 countries and 20 regions around the world.
Using data and a simulator he and his team looked at the grid stability in
each of the regions for every 30 seconds for the past five years to
determine the cost of energy per unit. What they found was that wind, water
and solar power are enough to keep the grid stable and uninterrupted
contrary to what his critics said. In fact, he found that there is enough
wind generated on the Earth to power our needs 6 or 7 times over and while
it’s true this energy is intermittent, he says it would require no more
than 4 hours of battery storage in order to solve the problem.

Furthermore,
a 2023 study published in Nature indicates that electric vehicle batteries
alone could provide the short-term storage needed by global grids as early
as 2030.

View at Medium.com

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June 6, 2023 - Posted by Christina Macpherson | 2 WORLD, renewable