A recent analysis released by the International Energy Agency (IEA) suggests that the speedy adoption of sustainable technology has the potential to improve energy affordability. With solar photovoltaic and wind power being the least expensive options for power generation, clean energy technologies are already more cost-competitive over their lifetimes than those dependent on traditional fuels like coal, natural gas, and oil. In 2023, the generating costs of new onshore wind capacity and over 95% of new utility-scale solar photovoltaic installations were less than those of new coal and natural gas plants. Even though they are more expensive than their conventional counterparts, electric cars will end up being more affordable in the long term because of the little maintenance they require.

To achieve net-zero goals by 2050, more funding in the clean energy sector is required. In addition to requiring more funding, putting the world on course to achieve net-zero emissions by 2050 will save operational expenses for the global energy system by more than half over the course of the following ten years as compared to a trajectory based on current policy choices. Consumers will ultimately benefit from a more equitable and reasonably priced energy grid.

Emerging economies’ investments in clean energy are falling behind because of perceived or real dangers that impede the development of new initiatives and financing sources. The current global energy system is biased in favor of incumbent fuels through fossil fuel subsidies, which makes investments in clean energy transitions more difficult.

Encouraging more people who might otherwise be unable to afford the initial expenditures of sustainable energy technology to have access to them is the main responsibility of governments worldwide. Securing greater amounts of initial capital, particularly in poorer nations, is important for an efficacious transition to sustainable energy.

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