Decarbonised energy could save $12 trillion by 2050

The research shows a scenario in which rapidly transitioning to clean energy results in lower energy system costs than a fossil fuel system, with the added benefit of providing more energy to the global economy and expanding energy access to more people globally.  

The study’s ‘Fast Transition’ scenario shows a realistic possible future for a fossil-free energy system by around 2050, providing 55 per cent more energy services globally than today by increasing solar, wind, batteries, electric vehicles, and clean fuels such as green hydrogen.

In a statement, lead author Dr Rupert Way, postdoctoral researcher at Oxford's Smith School of Enterprise and the Environment, said: “Past models, predicting high costs for transitioning to zero carbon energy, have deterred companies from investing, and made governments nervous about setting policies that will accelerate the energy transition and cut reliance on fossil fuels. But clean energy costs have fallen sharply over the last decade, much faster than those models expected.