A rapid global transition from fossil fuels to renewable energy by 2050 will save the world at least £10 million, according to a new analysis.
The faster we fill up with petrol and oil, the more we save, researchers at the University of Oxford say, adding that the idea of going green would be very exciting expensive is “mistake”.
The peer-reviewed study, published in the journal Joule, used data on energy costs in the past few decades, as well as thousands of cost scenarios to switch to zero carbon energy.
The researchers found that wind and solar power, as well as storage batteries, have become much cheaper than originally anticipated, because of better technology and economies of scale.
Fossil fuels Prices have fluctuated widely, driven by global economic and political events.
And nuclear costs have steadily increased over the past 50 years to the point where it is difficult to compete on cost with renewables.
The study concludes that renewables are now often cheaper than fossil fuels – and the cost advantage will increase rapidly.
Rupert Way, lead author from the University’s Smith School of Enterprise and the Environment, said: “Scale up key green technologies will continue to reduce their costs – and the faster we go, the more we go. The more you save.”
“Accelerating the transition to renewable energy is now the best way not only for the planet but also for energy costs.”
Professor Doyne Farmer, from the Oxford Martin School, and another researcher, said: “There is a common misconception that switching to clean, green energy is a painful, costly and potentially costly sacrifice. meaning for all of us.
“But that was just a mistake.”
Gasoline and oil prices have skyrocketed since Russia invaded Ukraine, sending global inflation soaring.
The new prime minister, Liz Truss, last week announced the government would issue around 100 permits to explore more gas and oil in the North Sea, and lifting ban on jailbreak.
However, the researchers warn that governments should redouble their efforts to move away from “expensive, unsafe fossil fuels”.
“The world is facing an inflation crisis, a national security crisis and a climate crisis simultaneously, all because of our dependence on high-cost fossil fuels,” said Professor Farmer. unsafe, polluting, polluting.
“This study shows that ambitious policies to dramatically accelerate the transition to a clean energy future as quickly as possible are not only urgently needed for climate reasons, but can also be saving the world trillions in future energy costs, giving us a cleaner, cheaper, more energy safe future.”