The introduction of feed-in tariffs to support microgeneration could be a part of a programme of investment to eliminate the need for fossil fuels by 2090, according to a new report.
A study by Greenpeace and the European Renewable Energy Council claims that intense investment in renewables could create a £230 billion industry by 2050.
While investments to secure this future would be steep - $14.7 trillion by 2030 – the study also claims that future fuel costs would be cut by $18 trillion.
Small scale generation could play a part alongside the large scale projects carried out by energy providers such as E.ON, which has 20 onshore and offshore wind farms and plans for more as well as for a variety of other renewable technologies,
The report calls for all the world to adopt a feed-in tariff, a payment over market prices to small scale generation plants.
People could participate in this themselves by installing solar photovoltaics or wind turbines on their property.
In the UK, feed-in tariffs are set to be adopted by the government with the Climate Change Bill.
