A Study Found That Switching To Renewable Energy Could Save Trillions 

According to an Oxford University study, switching from fossil fuels to renewable energy could save the world up to $12 trillion (£10.2 trillion) by 2050. According to the report, it is incorrect and pessimistic to claim that transitioning to cleaner energy sources is costly.

Gas prices have risen in response to growing concerns about energy supply. However, the researchers argue that going green now makes economic sense due to the declining cost of renewables.

"Even if you're a climate denier, you should be on board with what we're advocating," Prof Doyne Farmer of the Oxford Martin School's Institute for New Economic Thinking told a News agency.

The findings of the report are based on analyzing historical price data for renewables and fossil fuels and then predicting how they will change in the future. The data for fossil fuels goes back more than 100 years, and it shows that the price hasn't changed much after accounting for inflation and market volatility.

Because renewables have only been around for a few decades, there is less data available. But, thanks to continuous technological advancements, the cost of solar and wind power has dropped rapidly, approaching 10% per year.

The report's prediction that renewable energy prices will continue to fall is based on "probabilistic" modeling that employs data on how massive investment and economies of scale have reduced the cost of other similar technologies.

"Our latest research shows that scaling up key green technologies will continue to drive down costs, and the faster we go, the more we will save," says Dr. Rupert Way, lead author of the report from the Smith School of Enterprise and the Environment.

Wind and solar are already the least expensive options for new power projects, but questions remain about how to best store power and balance the grid when weather changes cause a drop in renewable output.