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Switching to renewable energy could save trillions

The BBC reports on a new Oxford study that finds switching from fossil fuels to renewable energy could save the world as much as $12tn (£10.2tn) by 2050. The report said it was wrong and pessimistic to claim that moving quickly towards cleaner energy sources was expensive. "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," said Dr Rupert Way, the report's lead author from the Smith School of Enterprise and the Environment.

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This September, the Sustainable Law Programme at the University of Oxford will establish the Climate Litigation Lab, a new initiative leveraging multidisciplinary research to inform climate change litigation efforts around the world.   

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IN THE NEWS

Get ready for a global clean energy surge, thanks to the US Inflation Reduction Act

Brian O'Callaghan 

The US’s new inflation-busting bill, with $369bn for clean energy, is the largest US investment in climate ever. It is also, according to our research, the largest national climate investment in history anywhere. Let that sink in for a moment.

This funding will certainly speed renewable energy deployment and green job creation in the US. However, the bill’s investments are so large that they are likely to influence global prices too, and impact the energy transition in other countries in real, tangible ways.