EcoWatch
Summary
One of the most common rhetorical roadblocks thrown up in the way of climate action is that it will cost too much money.
However, a new study published in Joule Tuesday asserts that the opposite is true. A rapid transition away from a fossil-fuel based energy system to a renewable-dependent one would actually save the world trillions of dollars by 2050.
“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,” research team leader and University of Oxford Professor Doyne Farmer said in a university press release.
The research, which was conducted by the Institute for New Economic Thinking at the Oxford Martin School, the Oxford Martin Programme on the Post-Carbon Transition and the Smith School of Enterprise & Environment at the University of Oxford and SoDa Labs at Monash University, found that it was both possible and affordable to take the carbon out of the energy system by 2050, and that doing so would save at least $12 trillion compared to continuing with the way things are.
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