Green group: Fossil fuel phase-out possible by 2050

The world could completely phase out fossil fuels and use only renewable energy by 2050, activist group Greenpeace concluded in a new report.

In a joint project with the German Aerospace Centre, Greenpeace concluded that the 2050 timeline would create jobs and be cost competitive when compared with a continued reliance on fossil fuels.

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“We must not let the fossil fuel industry’s lobbying stand in the way of a switch to renewable energy, the most effective and fairest way to deliver a clean and safe energy future,” Greenpeace International Executive Director Kumi Naidoo said in a statement.

“I urge all those who say ‘it can’t be done’ to read this report and recognize that it can be done and must be done for the benefit of people around the world,” he said.

Greenpeace said it’s releasing the report to precede the climate-pact talks this December in Paris. It hopes to inform world leaders and convince them that a dramatic shift toward renewable energy is possible.

The transition would not be cheap, the group said. It would cost about $1 trillion per year to invest in the generating capacity, transmission and other infrastructure.

But the fuel savings over that same time period would be $1.07 trillion a year, Greenpeace said.