PARIS, May 30 (Xinhua) -- A report from the International Energy Agency (IEA) released Thursday highlights that accelerating the transition to clean energy technologies improves energy affordability and alleviates broader cost of living pressures.

The report, titled "Strategies for Affordable and Fair Clean Energy Transitions," demonstrates that achieving net zero emissions by 2050 requires additional investment, but will reduce the operating costs of the global energy system by more than half over the next decade compared to current policy settings. This will result in a more affordable and fairer energy system for consumers.

According to the report, clean energy technologies, such as solar PV and wind, are already more cost-competitive over their lifespans than conventional fuels like coal, natural gas, and oil. Although electric vehicles may have higher upfront costs, they typically offer savings through lower operating expenses. Energy-efficient appliances, such as air conditioners, also provide similar cost benefits over their lifetimes.

The report emphasises that the benefits of a faster energy transition, including increased shares of renewables like solar and wind, which have lower operating costs than fossil fuel alternatives, will extend to consumers. By 2035, electricity is set to overtake oil as the leading fuel source in final consumption.

"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," IEA Executive Director Fatih Birol said, adding that much more need to be done "to help poorer households, communities and countries to get a foothold in the new clean energy economy." Enditem

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