A transition to 100 percent renewable energy by 2050—or even sooner—is not only possible, but would also cost less and create millions of new jobs, according to new research presented in Bonn, Germany on Thursday.

The German non-profit Energy Watch Group (EWG) teamed up with Finland's Lappeenranta University of Technology to present a study at the COP23 climate summit.

"If we have any hope of preventing absolute civilization challenge and catastrophe, then we need to be bringing down carbon emissions with incredible rapidity, far faster than it can happen just via normal economic transition."

—Bill McKibben

The results of the study, according to a forward written by EWG's president Hans-Josef Fell, show "that a 100% renewable electricity system is an effective and urgently needed climate protection measure. A global zero emission power system is feasible and more cost-effective than the existing system based on nuclear and fossil fuel energy."

To achieve the Paris Agreement's goal of limiting the warming of the earth to well below two degrees Celsius above pre-industrial levels, the report argued that "we need a two-fold strategy: to reduce greenhouse gas emissions down to zero and to remove surplus carbon dioxide from the atmosphere. A key aspect of this strategy should be a transition to an emission-free global economy, based on 100 percent renewable energy."

Moving to this system through the use of solar and wind power, combined with establishing energy storage systems, would bring the total cost of energy from more than 80 dollars to about 60 dollars per MWh.

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Thirty-six million jobs would also be created by 2050 through the transition, compared with 19 million energy jobs in the current economy, according to the research.

In an interview with Deutsche Welle published Thursday, author and 350.org co-founder Bill McKibben agreed with the study's assertion that a complete shift from fossil fuels is necessary to avoid even more dangerous effects of global warming than those the planet is already experiencing.

"If we have any hope of preventing absolute civilization challenge and catastrophe, then we need to be bringing down carbon emissions with incredible rapidity, far faster than it can happen just via normal economic transition," McKibben said.

While entirely possible from an economic standpoint as the new research shows, the political feasibility of the transition is another story. "That depends entirely on whether we can build movements large enough to break the power of the fossil fuel industry that holds us where we are," said McKibben. "To go further what we need are many people in the streets demanding action and pushing governments to move much, much faster than they're currently contemplating."