Due to the Increase of Oil Prices, Switching To Renewable Energy Could Save Trillions Than Using Fossil Fuels

An Oxford University study claimed that switching from fossil fuels to renewable energy might save the world $12 trillion (£10.2 trillion) by the year 2050.

According to the analysis, asserting that switching to cleaner energy sources fast will be costly is inaccurate and pessimistic.

Changing to renewable energy results in trillions of savings

(Photo : American Public Power Association/Unsplash)

Increasing worries about the availability of energy have driven higher gas prices.

However, the researchers asserted that the declining cost of renewable energy means that going green currently makes financial sense, as per the BBC News.

“Even if you don’t believe in climate change, you should support our recommendations,” according to Prof. Doyne Farmer of the Oxford Martin School’s Institute for New Economic Thinking, who spoke to the BBC News.

Their main finding is that they should go forward quickly with the switch to green energy since it will cost us less money.

The report’s conclusions are based on a simulation of how prices for fossil and renewable fuels are projected to vary in the future using historical price data.

The price hasn’t changed significantly after considering inflation and market volatility, according to data for fossil fuels that spans more than 100 years from 2020.

Less data is available because renewables have only existed for a few decades.

But since then, the cost of solar and wind energy has decreased significantly, at a rate close to 10% per year, because of ongoing technological advancements.

According to Dr. Rupert Way, the report’s lead author from the Smith School of Enterprise and the Environment, scaling up important green technologies will continue to drive down their prices, and the faster we move, the more we will save.

The least expensive options for new power plants are currently wind and solar, but it’s still unclear how to best store energy and balance the grid whenever weather changes cause a decline in renewable energy output.

Also Read: Experts are Saying that Renewable Sources are Not Enough to Solve Europe’s Energy Crisis

Types of renewable energy

Alternative energy that doesn’t rely on fossil fuels, such as renewable energy, is usually significantly less damaging to the environment, as per Just Energy.

Radiant energy from sunlight is captured and transformed into heat, electricity, or hot water to create solar energy.

Utilizing solar energy instead of fossil fuels also aids in enhancing environmental and public health situations.

Wind farms use turbines to harness the energy of the wind flow and turn it into electricity.

Technically speaking, solar energy includes wind energy.

People most frequently connect hydroelectric electricity with dams. Hydroelectricity is a lot more environmentally beneficial form of energy for our environment because it produces no pollution.

Although geothermal energy is less prevalent than other forms of renewable energy, it offers substantial potential as a source of energy.

Geothermal energy is always being supplied, therefore there is no danger of it running out on a timeline that is relevant to people.

In contrast to other renewable energy sources, wave energy is predictable, and its output is simple to predict.

Wave energy is far more reliable than relying on variable factors like the sun and wind.

The most populous cities frequently lie close to harbors and bodies of water, making it simpler to harness this renewable energy for the local populace.

With the use of hydrogen as a fuel, pollution is reduced, and the environment is cleaned up.

In addition, it can be used to power fuel cells, which function similarly to batteries in operating an electric motor.

Renewable energy obtained from biomass is known as bioenergy.

This energy comes from wood, biofuels like ethanol, and energy produced by burning municipal garbage or methane extracted from landfills.

Related Article: 10 Ways to Promote Renewable Energy on Your Campus