100% Renewable Energy System is Cheaper than the Current Global Energy Supply

A recent Finnish study claimed that it is possible for the world to switch to 100% renewable energy by 2050. 

A global transition to 100% renewable energy across all sectors – power, heat, transport and desalination before 2050 is feasible. Existing renewable energy potential and technologies, including storage, is capable of generating a secure energy supply at every hour throughout the year. The sustainable energy system is more efficient and cost effective than the existing system, which is based primarily on fossil fuels and nuclear. A global renewable transition is the only sustainable option for the energy sector, and is compatible with the internationally adopted Paris Agreement. The energy transition is not a question of technical feasibility or economic viability, but one of political will. 
The state-of-the-art scientific modelling of the “Global Energy System based on 100% Renewable Energy – Power, Heat, Transport and Desalination Sectors” study simulates a transition to 100% renewable energy of the entire world, structured in nine major regions and 145 sub-regions on an hourly resolution of 5-year time periods from 2015 until 2050. The modelling computes the cost-optimal mix of technologies, based on locally available renewable energy sources. 
By 2050, the world’s population is expected to grow from 7.2 billion in 2015 to 9.7 billion. Final energy demand is expected to grow by about 1.8% annually, driven by energy services for higher level of living standard, and is accompanied by massive energy efficiency gains.
The report - found here - further illustrates that Solar PV and wind energy will lead the transition.

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