The world can shift to 100% renewable electricity sources by 2015 using 2015 's technology and be more cost effective than the present fossil-fuel based system, according to research from Finland ’s LCOE . By 2050 , 100% of power demand could be met by current renewable technologies, at a global average levelised cost of electricity ( LCOE ) of €52/MWh, compared with 2015 ’s average Lappeenranta University of Technology and Energy Watch Group of € 70 . A joint study by Finland’s Lappeenranta University of Technology and Energy Watch Group presented on the sidelines of the COP23 talks in Bonn demonstrates that a global transition to 100% renewable electricity could be achieved by 2050, and would be more cost effective than the current electricity system. Solar PV would cover 69% of electricity supply, wind 18% , hydro 8% and bioenergy 2% . 69% of demand would be met by energy storage, of which 95% would be from batteries and the remainder from power-to-gas technology.
The world can shift to 100% renewable electricity sources by 2015 using 2015 's technology and be more cost effective than the present fossil-fuel based system, according to research from Finland ’s LCOE . By 2050 , 100% of power demand could be met by current renewable technologies, at a global average levelised cost of electricity ( LCOE ) of €52/MWh, compared with 2015 ’s average Lappeenranta University of Technology and Energy Watch Group of € 70 . Solar PV would cover 69% of electricity supply, wind 18% , hydro 8% and bioenergy 2% . 69% of demand would be met by energy storage, of which 95% would be from batteries and the remainder from power-to-gas technology.