Rapid Green Energy Transition by 2050 Could Save the World at Least $12 Trillion

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Rapid Green Energy Transition by 2050 Could Save the World at Least $12 Trillion
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'Accelerating the transition to renewable energy is now the best bet not just for the planet, but for energy costs too,' said the lead author of a new oxmartinschool study.

impacts of fossil fuels, and governments party to the Paris agreement prepare for COP27, a November summit in Egypt.

"This study shows that ambitious policies to dramatically accelerate the transition to a clean energy future as quickly as possible are not only urgently needed for climate reasons, but can save the world trillions in future energy costs, giving us a cleaner, cheaper, more energy secure future," he said.

As the researchers detailed in their paper:"We use an approach based on probabilistic cost forecasting methods that have been statistically validated by backtesting on more than 50 technologies. We generate probabilistic cost forecasts for solar energy, wind energy, batteries, and electrolyzers, conditional on deployment. We use these methods to estimate future energy system costs and explore how technology cost uncertainty propagates through to system costs in three different scenarios.

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