It is believed that moving quickly towards cleaner energy sources is expensive. Many earlier studies have calculated it to be a costly affair.
However, a new study says a different story!
According to this study from the University of Oxford, the world would save at least $12 trillion by transitioning to a decarbonized energy system by around 2050.
Research team leader and University of Oxford Professor Doyne Farmer, said, “There is a pervasive misconception that switching to clean, green energy will be painful, costly and mean sacrifices for us all – but that’s just wrong,”
The study shows if we successfully shift to renewable, it will lead to lower energy system costs than a fossil fuel system. Not only that, this initiative will expand energy access and will grant more energy to the global economy.
Economist Doyne Farmer foresees that if we plan to make it slow, eliminating fossil fuels only by 2070, there won’t be any chance of lucrative savings. Earlier analysts overestimated the costs of these green technologies. This is because previous models failed to predict the future costs of energy and every time ended up overestimating them.