The authors point to falling solar, wind and battery costs That is the headline finding of a new study published in energy journal Joule this week. Conducted by researchers at Oxford University, the study assesses the likely costs and benefits of continuing with a largely fossil-based energy system globally, as currently exists. It then compares these with a scenario in which a “rapid” transition is conducted, with wind, solar, batteries and green hydrogen production playing the biggest roles.
It concludes that savings of at least $12trn are likely in the rapid transition scenario by mid-century. This is largely due to the fact that renewable energy technology prices, such as those for wind turbines and solar panels, have already fallen considerably and are likely to keep doing so in the 2030s and 2040s.
It is noted that nuclear has a role to play,…
Study: Rapid clean energy transition would save at least $12trn globally by 2050
