University of Oxford: Accelerating the energy transition could save $12 trillion by 2050

According to a new study by researchers at the University of Oxford, a rapid transition to clean energy would not increase costs, but would save the world trillions of dollars
.

By 2050, the transition to nearly 100% clean energy is expected to reduce the cost
by $12 trillion compared to continuing to use fossil fuel levels today.
The shift to a decarbonized energy system will also provide more energy to the global economy and expand energy supply
.

Lead author Dr Rupert Way said past models overestimated the cost of green technology, while real-world costs have fallen
dramatically over the past decade.

"Just a few years ago, the cost of net zero by 2050 was thought to be so expensive that it was hardly considered credible, but now even the most pessimistic models admit that it is completely within reach," Way commented, "Our study goes a step further and suggests that scaling up key green technologies may reduce their costs to the point that overall they generate net cost savings, and the faster we go, the more
we save.
" ”

The study's probabilistic cost projections for the use of key green energy technologies, including solar, wind, batteries and electrolyzers, found that the likelihood of further cost reductions is so high that the best option is to accelerate the energy transition
.