Doyne Farmer & Cameron Hepburn explain how a fast transition to clean energy could save the world at least $12 trillion in this new film by RE:TV.
Investment in renewable energy has been held back for decades by financial modelling that suggested switching from fossil fuels to clean energy would be expensive. However, recent INET Oxford research identified significant flaws in those earlier forecasts. Using a new, empirically-proven forecasting method our researchers in fact predict that a transition to a nearly 100% clean energy system by around 2050 would save us around $12 trillion globally, on energy costs alone.
For this new film, Professor J. Doyne Farmer, Director of Complexity Economics, explains why previous statistical models have significantly and repeatedly overestimated the cost of investing in new clean technology. And Professor Cameron Hepburn, Director of the Economics of Sustainability, explains how this new INET Oxford research is changing assumptions around the costs of clean energy and accelerating the transition away from fossil fuels (which currently account for some 75% of greenhouse gas emissions) to cheaper, cleaner, and more energy-secure alternatives.