High gas prices got you down? Your problems are a tiny fraction of those faced by our whole fossil fuel–addicted global society.
A new report from the International Energy Agency considers the cost of remaining hooked on antiquated, polluting, and climate-changing energy sources.
First, here’s what might seem to be bad news from the new report: It would cost the world $44 trillion to end our fossil fuel addiction by 2050 and switch to clean energy. Worse, this figure is $8 trillion higher than the IEA’s last estimate, published two years ago. Expected costs have risen because we’ve delayed the process of switching over to climate-friendly energy sources.
And now the good news: We can save $115 trillion in fuel costs by 2050 if we move away from dirty energy, making for net savings of $71 trillion.
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