A transition to green energy is expected to save trillions of dollars by 2050
Oxford: Shifting to carbon-neutral energy systems to curb carbon emissions is expected to save at least $120 trillion worldwide by 2050, according to a new study.
A study conducted at the University of Oxford found that the transition to clean energy would be cheaper than fossil fuels and could provide more energy to the global economy. While this will help more people around the world have access to energy.
The research shows a realistic future for a fossil fuel-independent energy system by 2050 in a rapid transition scenario that could produce 55 percent more energy than today.
This goal can be achieved using solar, wind, batteries, electric vehicles and clean fuels such as green hydrogen.
Previous studies have argued that achieving the goal of net zero carbon emissions by 2050 is not possible without straining the global economy.
While the new study suggests that reducing carbon emissions won’t be as expensive as some researchers have suggested.
