In the research, which has historically been modeling on the change in fossil fuels and renewable energy prices and what kind of change will occur in the future, it has been determined that fossil fuel prices have not changed much over the years, whereas renewable energy has been successful in reducing costs with the advancing technology. The study emphasizes that a fast transition to renewable energy will be less costly than a slow transition or no transition.
Considering that clean energy costs have started to decrease in recent years, lower costs are expected in the coming years. In this context, it is pointed out that the ideas that the fast transition to renewable energy sources will create a high cost burden do not reflect the truth.
It is stated that reaching a net zero carbon energy system by 2050 will be both possible and profitable. It is emphasized that as the scale of clean energy expands, the transition costs decrease and if the transition speed is increased, the savings rate will also increase. On the other hand, the reflection of the problems experienced by the countries in energy supply to the prices increases the necessity of turning to alternative energy sources. In case of fast transition to green energy, it is expected that the world will save 12 trillion dollars by 2050 compared to current conventional fuel use. Therefore, it is seen that increasing the use of renewable energy plays an important role in reducing energy costs as well as tackling the climate crisis. It is expected that the economic equivalent of turning to green energy in this direction will encourage the fast transition process.
Source: https://www.ox.ac.uk/news/2022-09-14-decarbonising-energy-system-2050-could-save-trillions-oxford-study
