The conclusion was presented to the world on Monday, by the European Renewable Energy Council (EREC) and the Greenpeace Organization, which proposed 2090 as the last target for complete renunciation of fossil fuels, including oil, natural gases and coal. The study estimates some $18 trillion savings in future fossil fuel costs by that time and some $360 billion in gains from a new developing, renewable industry.

 

According to the study, renewable sources, including the sun, the wind, water and geothermal heat, could all supply the requirements of the international power grid by 2090 at the latest. Other, most optimistic scenarios place this deadline in 2050, but the widespread belief is that the next generation of power plants is still a long way ahead of us.

 

If, by 2030, energy outputs from renewable sources will be at expected levels, resource economists believe that the 2090 deadline is attainable. The race is now on between alternative energy sources. Whichever shows most promise will benefit from most investments in renewable energy sources. Thus far, wind farms and solar power plants have shown the highest potential, but geothermal and underwater facilities are also starting to catch up.

 

The feeling among European officials is that fossil fuels are largely to blame for global warming, that's why they've decided to phase out subsidies for old energy sources. Also, cap and trade systems for carbon emissions were set in place by the Kyoto Protocol, which most European countries have ratified, unlike the U.S., China and India, which are the most polluting countries in the world.

 

In truth, everyone wants to avoid another economic crisis. With the price of the barrel fluctuating the way it does nowadays, it would be suicide for investors to place their money in fossil fuel enterprises. Instead, more and more investors are turning their eyes to the renewable industry, where government public support is most strong.