The Bargain In New Energy
The Renewable Revolution Could Save The World $26 Trillion
Harley Zaremba,September 28, 2021 (OilPrice via Yahoo News)
“…Rapid decarbonization not only wouldn’t break the bank -- it would save the world a whopping $26 trillion in energy costs over the coming decades, in addition to allowing the global community to meet the climate targets set by the Paris agreement and saving untold numbers of lives from deaths related to air pollution resulting from combusting fossil fuels…This model contrasts greatly with the common thinking that decarbonizing the global economy will be hugely expensive thanks to the number of infrastructure inversions and hefty subsidies…
…[Three University of Oxford professors argue Wright’s Law and Moore’s Law suggest] that as technology improves, costs lower exponentially…[and have proven true] for wind and solar, which are already outgrowing their government subsidies and becoming competitive with fossil fuels. Wright’s Law applies to a sort of manufacturing learning curve. The more we produce renewable energy, the better we get at it, and the more efficient and inexpensive it becomes…
…[F]ossil fuels have failed to follow the curves of Moore’s law and Wright’s Law…[and global subsidies around the world are] $447 billion worldwide for fossil fuels, as compared to just $128 billion for renewables…The United States has been slow, compared to other developed countries, to accept this reality and lean into climate change adaptation and mitigation, but the Biden administration has made catching up a central component of its platform…” click here for more
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