Abstract:
A rapid transition to a fully decarbonised energy system by 2050 would save at least $12 trillion in global energy costs compared to continuing with our current fossil fuel-based energy system.
The faster we decarbonise, the larger the savings will be and the sooner they will be realised.
Old energy models repeatedly and badly underestimated the speed of clean energy cost declines. Using more empirically robust foundations, this work shows a decisive clean energy transition would be an economic boon, slashing energy costs and raising GDP.
These cost savings will only be realised, however, if governments, investors, and businesses take actions to rapidly deploy clean energy technologies at scale.
Citation:
Way, R. & Farmer, J.D. (2023). 'A fast clean energy transition would save trillions'. INET Oxford Research Briefing. https://www.inet.ox.ac.uk/files/OMS-energy-transition-v7.pdf