A study carried out by the University of Oxford has concluded that if the world turned to renewable sources of energy, it could save £10.2 trillion. As gas prices soar, the study shows that world leaders should be turning their backs on fossil fuel companies and should be backing those that deal with renewable energy generation.
Renewable sources of energy it could save £10.2 trillion.
The study has researched into the prices of fossil fuels and renewable energy over the years. The price of fossil fuels has stayed relatively the same, with prices rising during volatility in the market or during periods of inflation.
Renewable energy, although the data doesn’t spread back as far as that for fossil fuels, has actually seen a reduction in price. This is due to the improvements in technology, meaning that renewable energy is the biggest money saver in regards to energy generation.
The study’s lead author, Dr Rupert Way from the Smith School of Enterprise and the Environment, has stated that: “Our latest research shows scaling-up key green technologies will continue to drive their costs down, and the faster we go, the more we will save”.
If the study is correct, then it makes the most sense for governments around the world to turn to renewable energy sources. Not only to protect the Earth from the impact of climate change but to also create benefits financially.