A report from the International Renewable Energy Agency (IRENA) has claimed that doubling the share of renewables in the global energy mix could save around $4.2tn a year by 2030.
Entitled 'REmap: Roadmap for a Renewable Energy Future', the report showed that an average annual investment of around $770bn is required up to 2030 to achieve the savings.
IRENA surveyed 40 countries that represent 80% of global energy use and found that doubling renewables would avoid up to 12 gigatonnes of energy-related CO2 emissions in 2030.
Nearly 24.4 million jobs could be created in the renewable energy sector by 2030, compared to 9.2 million in 2014.
IRENA Innovation and Technology Centre director Dolf Gielen said: "The energy transition is well underway in the power sector, but to reach global climate and development targets, the next phase will require more focus on transport, heating and cooling.
"If a doubling is achieved, these sectors would account for roughly half of renewable energy use in 2030 and so must scale-up dramatically to meet that target."
Figures released by the report highlight that nearly 50% of the world's electricity needs could be sourced from renewable sources in the future, if doubling is achieved.
The global power sector is on track to generate close to 30% of the world's electricity by 2030, up from 23% today.
To achieve this goal, IRENA recommends development and installation of renewable energy solutions for heating and cooling in new urban development projects and industry and promotion of electric transport that run on renewable power and biofuels to reduce air pollution.
The introduction of energy systems to accommodate the variable nature of some forms of renewable energy could also help to achieve the target.
Image: Nearly 24.4 million jobs could be created in the renewable energy sector by 2030 under the plans unveiled in the report. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.