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Shift away from fossil fuels by 2050 could save the world £10trn

According to new analysis, a rapid shift to renewable energy in the global economy by 2050 could save at least PS10trn.

Researchers at the University of Oxford stated that the faster we get rid of oil and gas, the more money we’ll save. They also said that going green is expensive.

Joule published a peer-reviewed study that used data from cost going back many decades and thousands of scenarios for the cost of switching over to zero carbon power.

Researchers found that both wind and solar energy as well as storage of batteries were much cheaper than originally thought due to better technology and economies-of-scale.

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Fossil Fuel Prices have fluctuated greatly, driven by global economic and political events.

Over the past 50 years, the price of nuclear has risen to a point that it is not cost-competitive to renewables.

The study concluded that renewables are often more affordable than fossil fuels, and that this cost advantage will continue to grow.

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Rupert Way from the Smith School of Enterprise and the Environment at the University said that “Scaling up key green technology will continue to drive down their costs – and the quicker we move, the more money we will save.”

“Accelerating the transition towards renewable energy is the best option not only for the planet but also for energy costs.”

Professor Doyne Farmers, also from the Oxford Martin School, stated that there is a widespread misconception that switching to green, clean energy will be costly, painful, and require sacrifices for all.

“But that’s just not right.”

Sky News has more information:

Liz Truss announces a bill freeze.

Russia cancels plans to reopen major pipelines

Germany’s coal power stations are back online to keep people warm

Since Russia invaded Ukraine, oil and gas prices have skyrocketed. This has caused a worldwide spike in inflation.

Liz Truss, the new Prime Minister, announced last week that the government would issue approximately 100 licenses to search for more North Sea oil and lifts the ban on fracking.

Researchers warn that governments need to redouble their efforts to get rid of “expensive and insecure fossil fuels.”

: Subscribe to ClimateCast on Apple Podcasts or Spreaker.

Professor Farmer stated that the world faces a simultaneous crisis of inflation, national security, and climate. All these crises are caused by our dependence upon high-cost, unstable, polluting and volatile fossil fuels.

“This study shows that ambitious policies to accelerate the transition to clean energy as quickly as possible are not only urgently required for climate reasons but also can save the world trillions of dollars in future energy costs. This will allow us to have a cleaner, safer, and more secure future.

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