By 2050, switching to renewable energy will result in global savings of around $12 trillion

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Researchers from Oxford University in England and Monash University in Australia examined historical price data for fossil fuels and renewable resources.

Therefore, their assertion that a quick switch to sustainable energy sources is expensive is untrue. Because it is claimed that a quick transition to clean energy lowers energy system costs compared to the system that relies on fossil fuels while supplying more energy to the world economy. The price of fossil fuels has not changed much during the course of the research, according to data that was obtained by looking back more than 100 years from the year 2020. Therefore, it has been established. In other words, it has been demonstrated once again that renewable energy sources are more affordable and environmentally friendly.

The study, which was published in the journal Joule, demonstrates that it is practical and doable to have a fossil fuel-free energy system by the year 2050. It also shows that it is capable of offering 55% more energy services. According to Dr. Rupert Way, the report’s lead author, the most recent study demonstrates that the advancement of green technology will continue to lower energy prices. He continued by saying that if he quickened the shift, renewable energy sources would become more affordable sooner.

The researchers used data from 25 years of battery storage, 37 years of wind, and 45 years of solar cost history. Participants in the study were the Oxford Martin School, the Institute for New Economic Thinking, the Oxford Martin Post-Carbon Transition Program, the Smith School of Business and Environment at Oxford University, and SoDa Labs at Monash University.

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