These increases are due to high
rising to €123bn in 2022. These increases are due to high energy costs during the post-covid recovery and the EU’s rapid and therefore costly diversification away from Russian raw materials, particularly gas Globally, it costs around $7trn per year to subsidise the current share of fossil fuels in the economy. According to estimates by the International Energy Agency (IEA), investment in renewable energy sources could lead to significant savings. The IEA looked at both capital costs and operational costs and found that the energy transition would save the world’s economies $12trn by 2050, compared to business as usual with fossil fuels. While the initial outlays may be higher ufabet