Global dependence on fossil fuels could be completely ended by 2090 provided trillions of dollars are invested on renewable energy, according to a European Renewable Energy Council report.
The study, which looks into the steps needed to shift away from energy from fossil fuels, claims a total of $14.7 trillion (£9.49 trillion) needs to be spent by 2030 to achieve the goal.According to the report, renewable energy markets had doubled between 2006 and 2007 to over $70 billion and could, by 2030, account for 30 per cent of energy supplies.
The report, which Greenpeace was also involved in, said: "Renewable energy could provide all global energy needs by 2090."According to Sven Teske, Greenpeace's leading author, the investment and transition to a fossil fuel-free economy could help counter the current financial downturn.
Last week, Deutsche Asset Management also urged governments to invest heavily in renewables.According to the institution, spending on improving nations' green infrastructure would offer a way out of recession, while meeting targets and ensuring future energy stability.