Switching to clean energy as soon as possible saves money, apart from improving the climate

Until now, all the analyzes of the past on the energy transition to clean energies were made with the parameters that said transition was going to be somewhat costly, and the world financial system has continued to promote fossil fuels in order to continue obtaining greater economic benefits.

But a more in-depth analysis has recently been published and it has been found that with these traditional methods the costs of the energy transition towards clean energies were being overestimated. In other words, the calculation was wrong, and that calculation benefited the fossil fuel companies. Doesn’t that seem a bit weird to you?

The new study called: Empirically grounded technology forecasts and the energy transition and published in the journal Joule, shows just the opposite. That the energy transition saves costs, and that the sooner we go to it, the more money we will save. And as a collateral consequence, we will improve the climatic situation. Amazing !!

The study has been done using an approach based on probabilistic cost forecasting methods that have been statistically validated through retrospective tests on more than 50 technologies.

Clean energies have lowered their costs by around 10% in recent decades, and they will continue to do so, as their production continues to increase and technological improvements continue to be included.

In addition, generation with clean energy is also cheaper, since hardly anything is consumed to generate it, the sun and the wind are enough for it.

In the analysis presented in Joule, the researchers estimate that achieving a rapid energy transition by 2050 would save the world trillions of dollars.

Anyone who wishes can see the full report at: https://www.cell.com/joule/pdf/S2542-4351(22)00410-X.pdf

Note that the Report is 27 pages of data and graphs, and 3 different scenarios are considered.

A fast one with an energy transition until the year 2050, a slower one until the year 2070, and another without a transition in which fossil fuels continue to be used. And in the fast scenario, it is the one that saves the most by far, of the order of 12 trillion dollars. See page 1 of Report.

And the question that arises is: What will we do?