By 2050, the world is expected to have saved at least $12 trillion by converting to a decarbonized energy system as opposed to continuing our current levels of fossil fuel consumption, according to an Oxford study from the Oxford Martin Programme on the Post-Carbon Transition.
According to the study, the world can have 100% clean energy by 2050, which results in cheaper energy system costs than a fossil fuel system, while also supplying more energy to the global economy and increasing access to energy for more people worldwide.
Fuel costs have increased since Russia's invasion of Ukraine, which has led to global inflation.
This study, which was completed before the current financial crisis, highlights the dangers of continuing to rely on pricey, unreliable fossil fuels by taking into account the fluctuation in fuel prices and the study's findings.
According to the research, accelerating the switch to inexpensive, clean energy as soon as possible will improve the economy and the strategy while also providing a solution to the situation.
The price hasn't changed significantly after accounting for inflation and market volatility, according to data for fossil fuels that spans more than 100 years from 2020.
Less data is available because renewables have only been around for a few decades.
Wind and solar energy are currently the least expensive options for brand-new power plants, but it's still not apparent how to best balance the grid and store energy when climatic changes reduce the output of renewable energy sources.
"There is a pervasive misconception that switching to clean, green energy will be painful, costly and mean sacrifices for us all – but that’s just wrong," says Professor Doyne Farmer.
"Renewable costs have been trending down for decades. They are already cheaper than fossil fuels in many situations, and our research shows that they will become cheaper than fossil fuels across almost all applications in the years to come. And if we accelerate the transition, they will become cheaper faster. Completely replacing fossil fuels with clean energy by around 2050 will save us trillions."
Regarding India's use of renewable energy, the country has set a goal to produce 50% of its energy from renewable sources by 2030 and wants to install 450GW of renewable energy capacity. This objective is in accordance with the Paris Climate Agreement.
As of March 2022, India has 110 gigawatts of installed capacity, which accounted for 13% of the nation's energy production.
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