A dramatically increased share of renewables and higher energy efficiency have the potential to create benefits of up to $10 trillion annually by 2050, compared to estimated incremental system costs of decarbonization of $1.8 trillion annually, according to a new report by the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA). Global GDP could be boosted by around 0.8 percent in 2050, or $1.6 trillion, while the cumulative gain through increased GDP from now to 2050 will amount to $19 trillion, the two agencies said in their joint report ‘Perspectives for the Energy Transition – Investment Needs for a Low-Carbon Energy System’, which was prepared at the request of the German government to provide input for the G20 presidency. However, the IEA noted that limiting the global mean temperature increase to below 2°C with a probability of 66% would “require an energy transition of exceptional scope, […]