Renewable energy can supplant fossil fuels across the global economy, with Australia among the three regions best placed to benefit because of its rich solar and wind resources, according to a new study funded by the Leonardo DiCaprio Foundation's One Earth project.

The work – based on a two-year project between the University of Technology Sydney, the University of Melbourne and German Aerospace Centre – found a combination of renewables and energy efficiency can achieve the net-zero emissions outcome needed by 2050.

Solar farm in Kerang, Victoria: Study finds the shift to renewables for all energy sources is within our reach. Credit:Leigh Henningham

"The main barrier is neither technical nor economic – it's political," Sven Teske, research director at the UTS's Sydney’s Institute for Sustainable Futures, said, adding "it's not too late" to restrict global warming to 1.5 degrees, the lower end of the Paris climate target.

The research, released on Monday at the World Economic Forum in Davos, modelled 72 regional energy grids at hourly increments through 2050, including the Australian states on the National Electricity Market and other regions.