Transition to renewable energy to save $71 Trillion By 2050

The evolution to a global renewable energy economy will save approximately $71 trillion by 2050, according to an IEA report.

If put in other way, $44 trillion investment by the year 2050 will be equivalent to $115 trillion in energy savings, helping with the global warming.

However, the transition is going through a slow pace just because of the lack of solid actions taken by the key players, according to Ceres.

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Ceres is a network of investors representing trillions of dollars in assets in renewable energy sector.

According to IEA, the longer this transition waits, the more expensive it will get, no doubt.

This year Ceres has gathered businesses, investors and policymakers around its new Clean Trillion campaign.

A collective ambition is need of the hour. Company efforts to establish programs and reduce greenhouse gas emissions through energy efficiency programs are lagging behind in many aspects, say Ceres officials.

The analysis was conducted among the sustainability performance of some of the largest publicly traded companies in the US.

It has been found that 71 percent of companies have taken up some activities to reduce greenhouse gas emissions, but only 35 percent have established time-bound targets.

In terms of renewable energy, 37 percent of companies have implemented a program, with 6 percent setting targets to increase renewable energy sourcing.

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