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IEA says it will cost $44 trillion to switch clean energy by 2050

A study by the International Energy Agency said it would cost trillions of dollars to be weaned off fossil fuels in the next 36 years

The latest report from the International Energy Agency (IEA) considers the costs of remaining reliant on fossil fuels in the face of accelerated global warming. According to the study,  it would cost the world $44 trillion to wean itself off fossil fuels by 2050 and switch to cleaner energy sources. This is $8 trillion higher than the Paris-based agency’s previous estimate, published two years ago. But as the IEA has continually stressed “the longer we wait, the more expensive it becomes to transform our energy system”. The good news is the world can save $115 trillion in fuel costs by 2040 if it shifts away from dirtier energy sources, resulting in a net saving of $71 trillion. Energy Tech

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