University of Adelaide economists have modelled the transition from a world powered by fossil fuels to one in which sustainable sources supply all our energy needs.
Dr Raul Barreto, Senior Lecturer from the University’s School of Economics, has examined the short and long-term consequences of the relative productivity differential between fossil fuel and renewable energy.
“The transition from fossil fuels to alternative energy is dependent on their relative productivity. Sustainable energy will increasingly replace fossil fuels as the former becomes a less productive, more expensive source and the latter becomes more productive and less expensive,” says Dr Barreto.
The research, published in the journal Economic Modelling, shows that fuel productivity determines whether renewable energy is a viable source and how economies will transition from today’s world in which sustainable energy complements fossil fuels, to one solely powered by sustainable sources.
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