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Switching to Renewable Energy Could Save Up To $12 Trillion

Windmills in the ocean
BBC - Philip Silverman

According to an Oxford University study, transitioning from fossil fuels to renewable energy could save $12 trillion globally by 2050.

Fossil fuel data stems from 2020 back to more than 100 years ago, and shows little price differentiation after accounting for inflation and market volatility.

Philip Hammond, then Chancellor of the Exchequer, previously wrote to the prime minister in 2019 saying the cost of reaching net zero greenhouse gas emissions by 2050 in the UK would be more than £1tn. These costs have been very over-estimated have likely deterred investment since.