Experts estimate that for the US to reach 100% renewable energy in 2050 , it will require $7.8 trillion. Calculate the percent change this would represent from the 2018 investment level of $46.5 billion. Show work!
The Correct Answer and Explanation is :
To calculate the percent change in investment from the 2018 level of $46.5 billion to the estimated 2050 investment of $7.8 trillion, we use the percent change formula:
[
\text{Percent Change} = \left( \frac{\text{New Value} – \text{Old Value}}{\text{Old Value}} \right) \times 100
]
Step 1: Convert values to the same unit
Since the 2018 investment is in billions and the 2050 investment is in trillions, we need to express them in the same unit. We can convert $7.8 trillion into billions:
[
7.8 \, \text{trillion} = 7,800 \, \text{billion}
]
Now, we can proceed with the calculation.
Step 2: Apply the formula
Using the formula, we have:
[
\text{Percent Change} = \left( \frac{7,800 \, \text{billion} – 46.5 \, \text{billion}}{46.5 \, \text{billion}} \right) \times 100
]
[
\text{Percent Change} = \left( \frac{7,753.5 \, \text{billion}}{46.5 \, \text{billion}} \right) \times 100
]
[
\text{Percent Change} = 166.21 \times 100
]
[
\text{Percent Change} = 16,621\%
]
Answer:
The percent change in investment from 2018 to 2050 would be 16,621%.
Explanation:
This huge percentage increase reflects the scale of the transition to renewable energy that would be required for the U.S. to achieve 100% renewable energy by 2050. In 2018, the U.S. invested $46.5 billion in renewable energy, which is a substantial amount. However, the projected $7.8 trillion investment needed by 2050 is nearly 167 times larger than the 2018 figure.
This dramatic difference illustrates the magnitude of the challenge ahead: a massive scaling-up of infrastructure, technology development, and policy initiatives will be necessary to transform the U.S. energy system over the next few decades. The investment will likely include not only new power generation sources such as solar and wind but also extensive grid modernization, energy storage solutions, and research into other renewable technologies. Thus, the high percent change demonstrates both the need and urgency for such an immense shift in energy policy and capital investment.