Fast transition to renewables will save the world $18 trillion, says Oxford study.
A new study has found it is not only possible to fully decarbonise the global energy system within a few decades, it will be profitable and save the the world at least $US12 trillion ($A18 trillion) if it reached the target by 2050.
The new study led by Oxford University, and including Australia’s Monash University and published in the journal Joule, features a “fast transition” scenario that ramps up investment in solar, wind, batteries, electric vehicles and green hydrogen
It notes that the conversation around the costs of transition to zero carbon energy, because of the plunging cost of renewable and storage technologies, and also the soaring cost of fossil fuels.
“Accelerating the transition to renewable energy is now the best bet, not just for the planet, but for energy costs too,” says lead author Dr Rupert Way, a postdoctoral researcher at the Smith School of Enterprise and the Environment.
“Past models predicting high costs for transitioning to zero carbon energy have deterred companies from investing, and made governments nervous about setting policies that will accelerate the energy transition and cut reliance on fossil fuels.
‘Our latest research shows scaling-up key green technologies will continue to drive their costs down, and the faster we go, the more we will save.”
Image of Crudine Ridge wind farm. Photo: CWP.