Photo credit: Blyzz

New research from the Helsinki University of Technology’s Advanced Energy Systems in Espoo, Finland, shows that with the help from global cooperation and investment renewable energy will “exceed all previous estimates.”

According to the new findings renewable energy technologies like wind and photovoltaics could supply 40% of the world’s electricity by 2050. But this could only become a reality if the renewable technology is backed up by adequate financial and political support. If not, the renewable share is likely to hover somewhere below 15 percent.

“Our findings demonstrate that with global political support and financial investment, previous notions that the potential for renewables was in some way limited to a negligible fraction of world demand were wrong,” Peter Lund from the Helsinki University of Technology’s Advanced Energy Systems said. “If we prioritize and recognize the value of renewable energy technologies, their potential to supply us with the energy we need is tremendous.”

Previous projections have put the renewable share at only 12% by 2030.

Also read: 10% of U.S. Energy Now Comes From Renewable Energy Sources