IEA Report: Rapid Clean Energy Adoption Could Cut Global Energy Costs

31 May 2024 CW Team

Accelerating the adoption of clean energy technologies could significantly enhance energy affordability and alleviate the broader pressures on the cost of living, according to a special report by the International Energy Agency (IEA).

The report, titled "Strategies for Affordable and Fair Clean Energy Transitions," emphasizes that aligning global efforts to achieve net-zero emissions by 2050 would not only necessitate increased investment but also reduce the operating costs of the global energy system by more than half over the next decade compared to current policies.

IEA Executive Director Fatih Birol highlighted the urgency and economic benefits of rapid clean energy transitions. "The data makes it clear that the quicker you move on clean energy transitions, the more cost-effective it is for governments, businesses, and households," Birol stated. "If policymakers and industry leaders put off action and spending today, we will all end up paying more tomorrow."

The report underscores the cost competitiveness of renewable energy sources like solar PV and wind against traditional fuels such as coal, natural gas, and oil. However, it also notes that substantial upfront investment is required, especially in developing and emerging economies where investment in clean energy is often hindered by real or perceived risks.

Despite the economic advantages, the report reveals a disparity in global energy subsidies. In 2023, governments worldwide spent approximately $620 billion on fossil fuel subsidies, compared to just $70 billion on support for consumer-facing clean energy investments.

Furthermore, the IEA report highlights the potential for renewable energy to lower consumer costs and increase predictability in energy pricing. It suggests that as electric vehicles and other electric technologies become more prevalent, electricity will surpass oil as the primary energy source for consumers by 2035.

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