The world can move towards renewable energy dependence if governments across the globe followed the right policy, said the Intergovernmental Panel on Climate Change (IPCC) in its latest report released on Monday. “Close to 80 percent of the world’s energy supply could be met by renewables by mid-century if backed by the right enabling public policies,” said IPCC special report on renewable energy sources (SRREN).

The report also said that switching to renewable energy could cut down greenhouse emissions significantly. According to the report, “The rising penetration of renewable energies could lead to cumulative greenhouse gas savings equivalent to 220 to 560 Gigatonnes of carbon dioxide (GtC02eq) between 2010 and 2050.”

The study added, "Less than 2.5 percent of the globally available technical potential for renewables is used—in other words over 97 percent is untapped underlining that availability of renewable source will not be a limiting factor." The findings are based on the work of over 120 researchers working with the IPCC. The release is a 900-page stock of the upcoming fifth assessment report (AR5). The AR5 Synthesis Report is scheduled for finalisation in September 2014.

However, gas emission reductions targets would require immense funding (with $5 trillion seeming a likely figure for the next decade), rising to $7 trillion between 2021 and 2030, the report said.

The SRREN also highlights the potential of renewable energy in mitigating climate change and increasing energy access, equity and security. “With consistent climate and energy policy support, renewable energy sources can contribute substantially to human well-being by sustainably supplying energy and stabilising the climate,” said professor Ottmar Edenhofer, Co-Chair of Working Group III at the report launch.

Of the around-300 Gigawatts (GW) of new electricity generating capacity added globally between 2008 and 2009, 140 GW came from renewable energy, the report added. “Developing countries host more than 50 percent of current global renewable energy capacity,” the report held.

“Developing countries have an important stake in this future—this is where most of the 1.4 billion people without access to electricity live yet also where some of the best conditions exist for renewable energy deployment,” said Ramon Pichs, Co-Chair of the Working Group III.

Some of the key findings of the report

•    Of the around 300 Gigawatts (GW) of new electricity generating capacity added globally between 2008 and 2009, 140 GW came from renewable energy.

•    Despite global financial challenges, renewable energy capacity grew in 2009—wind by over 30 percent; hydropower by three percent; grid-connected photovoltaics by over 50 percent; geothermal by 4 percent; solar water/heating by over 20 percent and ethanol and biodiesel production rose by 10 percent and 9 percent respectively.

Read the report