A joint analysis by researchers from Oxford Martin School, Institute for New Economic Thinking, Oxford Martin Post-carbon Transition Program and Oxford University Smith School of Business and Environment and Monash University SoDa Labs shows that rapid conversion to clean energy is cheaper than slow conversion or no conversion at all.
According to the “Fast Transition” scenario in the study, an energy system free of fossil fuels by 2050 is realistic and possible by increasing clean fuels such as solar, wind, battery technologies, electric vehicles and green hydrogen obtained from renewable sources, while a transition to completely clean energy is more likely in the world. More people have access to energy.
A rapid clean energy transition by ending the use of fossil fuels is predicted to result in net savings of $12 trillion worldwide by 2050.
Rupert Way, lead author of the study from the Smith School of Business and Environment, said in his assessment that past models that predicted high costs for a zero-carbon energy system discouraged companies from investing. But clean energy costs have fallen much faster than these models had anticipated in the past decade. Our latest research shows that costs will continue to fall as key green technologies scale up, and the faster we go, the more savings we’ll save. It is the best option not only for energy but also for energy costs.” used the phrases.
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PETROLEUM, NATURAL GAS AGE IS ENDING: TRILLIONS OF DOLLARS WILL BE SAVED
New Economic Thought Institute Program Director and team chief Prof. Doyne Farmer stated that there is a widespread belief that the transition to clean and green energy will be a painful, costly and sacrificing process.
“But that’s a misconception. Renewable energy costs have been falling for years. In many cases, they’re cheaper than fossil fuels, and according to our research they’ll become cheaper than fossil fuels in nearly all applications in the coming years. If we accelerate the transition, they’ll get cheaper faster. Fossil fuels will be completely clean by 2050.” Replacing it with energy will save us trillions of dollars. The world is facing a simultaneous inflationary crisis, a national security crisis and a climate crisis caused by our dependence on costly, unsafe, polluting, variable-priced fossil fuels. This study aims to make the transition to clean energy as quick as possible. “It shows that ambitious policies to accelerate the pace of energy are not only urgently needed in terms of the climate, but can save the world trillions in future energy costs and give us a cleaner, cheaper and more energy-secure future.”