Strategies for financing the global energy transformation
PIK director Hans Joachim Schellnhuber and Federal Minister of the Environment Peter Altmaier with the WBGU policy paper. (Photo: WBGU)
The policy paper focuses on the feasibility of a global energy transformation. A change to renewable energies and a pullout from nuclear power hold significant costs. According to the paper, these costs could be covered through private capital for example, and politics are in charge to create suitable conditions for the corresponding investments. It is important to promote renewable energy technologies and cut back on subsidies for fossil or nuclear energy, the paper says. By saving costs for fossil fuels and conventional technologies, the necessary investments for the energy systems transformation could be compensated within 30 years, according to the policy paper that includes further strategies. Germany’s pioneering role in the transformation of its own energy system should be used as a model to demonstrate political and financial feasibility of such a transformation, the WGBU recommends.