An Oxford University study found that switching from fossil fuels to renewables could save $12 trillion by 2050.
According to the analysis, the claim that a quick transition to cleaner energy sources will be costly is inaccurate and pessimistic.
Growing concerns about energy availability have led to higher gas prices. However, the researchers argue that the declining cost of renewables means that going green now makes financial sense, according to BBC News.
The main conclusion is that we need to quickly switch to green energy, as it will cost us less money. The report’s findings are based on modeling predicted future price changes for fossil and renewable fuels using historical price data.
The price has not changed significantly, adjusted for inflation and market volatility, according to over 100 years of fossil fuel data starting in 2020.
There is fewer data available for renewable energy sources because they have only been around for a few decades.
But since then, the cost of solar and wind energy has dropped significantly at around 10% per year due to ongoing technological advances.
Wind and solar power are currently the least expensive options for new power plants. However, it is still unclear how best to store energy and balance the grid when weather changes cause a decline in renewable energy production.
Just Energy writes that alternative energy that does not depend on fossil fuels, such as renewable energy, is usually significantly less harmful to the environment. Using solar energy instead of fossil fuels also helps improve the environment and public health.
Wind farms use turbines to take the energy from the wind and turn it into electricity. From a technical point of view, solar energy includes wind energy.
People most often connect hydroelectric power plants to dams. Hydroelectricity is a much more environmentally friendly form of energy for our environment because it does not pollute the environment.
Although geothermal energy is less common than other forms of renewable energy, it has significant potential as an energy source. Unlike other renewable energy sources, wave energy is predictable, and its output is easy to predict. Wave energy is much more reliable than variable factors such as the sun and wind.
The most populous cities are often located close to harbors and bodies of water, making it easier for the local population to take advantage of this renewable energy.
When using hydrogen as a fuel, environmental pollution is reduced. In addition, it can be used to power fuel cells, which operate similarly to batteries when an electric motor is running.
Renewable energy derived from biomass is known as bioenergy. This energy comes from wood, biofuels such as ethanol, and energy from burning household waste or methane recovered from landfills.