A rapid global shift from fossil fuels to renewable energy by 2050 would save the world at least £10trn, according to new analysis
A rapid global shift from fossil fuels to renewable energy by 2050 would save the world at least £10trn, according to new analysis.
The faster we dump gas and oil, the more we'll save, researchers at the University of Oxford said, adding that the idea going green will be expensive is"just wrong".costs going back several decades, as well as thousands of scenarios of the cost of switching to zero carbon power. The researchers found that wind and solar energy, as well as battery storage, had become far cheaper than had been originally anticipated, because of better technology and economies of scale.And the cost of nuclear has consistently increased over the last 50 years to the point where it is unlikely to be cost-competitive with renewables.
The study concludes that renewables are now often cheaper than fossil fuels - and that cost advantage will accelerate.
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