Environment UK CU – New study indicates a speedy transition to clean energy is far more economical than perceived by many and that Net zero carbon energy system by around 2050 is both Feasible and profitable.
The study also demonstrates that moving to a decarbonized energy system by around 2050 could bring about a global saving $12 trillion, in comparison to ongoing levels of fossil fuel use. The study was conducted by Oxford University which appeared in the journal Joule.
A common concern among many enterprises and individuals who are keen to make the switch is the initial cost, which is likely to reduce as the demand and usage increases.
The study indicates an all-round benefit where a speedy move to clean energy will lead to cheaper energy than a fossil fuel system and bring about more energy to the global economy, and expanding energy access to more people globally.
The study’s ‘Fast Transition’ forecasts a fossil-free energy system possibly by 2050, with over 55% energy services globally than presently available with the speeding up of solar, wind, batteries, electric vehicles, and clean fuels such as green hydrogen.
Dr Rupert Way, postdoctoral researcher at the Smith School of Enterprise and the Environment, who was the lead author said, ‘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. But clean energy costs have fallen sharply over the last decade, much faster than those models expected.’
Dr Way also stated ‘that the findings indicate an elevation in key green technologies will lower the cost, hence a faster transition will be more beneficial. The study also indicated that with inflation and rising cost of living a faster transition will be ideal.
Across the world many countries have seen an economic downfall as result of lockdowns with the pandemic, which has resulted in many companies looking at greener and more economic options.
