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Rapid rollout of clean technologies makes energy cheaper: IEA

 The report from the International Energy Agency (IEA) underscores several key points regarding clean energy technologies and their impact on affordability, accessibility, and the global transition towards net-zero emissions:

  1. Affordability through Clean Technologies: Clean energy technologies, such as solar photovoltaic (PV) and wind, are becoming increasingly cost-competitive compared to conventional fuels like coal, natural gas, and oil. This affordability extends over the lifespan of these technologies, making them attractive options for power generation.

  2. Cost-Effectiveness of Electric Vehicles and Energy Efficiency: While electric vehicles (EVs) may have higher upfront costs, they prove to be cost-effective in the long term due to lower maintenance expenses. Similarly, energy-efficient appliances contribute to cost savings over their lifetimes.

  3. Need for Upfront Investments: A successful transition to clean energy hinges on substantial upfront investments, especially in developing economies where clean energy adoption lags due to perceived risks and limited access to finance.

  4. Policy Intervention and Incentives: Governments play a crucial role in accelerating the adoption of clean technologies through incentives and support programs, particularly targeting disadvantaged households. Policy interventions can bridge existing inequalities and drive progress towards international energy and climate goals.

  5. Challenges and Risks: Despite the benefits of clean energy transitions, challenges such as potential price shocks, geopolitical tensions, cybersecurity risks, and grid vulnerabilities need careful attention and proactive measures to ensure energy security and affordability.

  6. Minerals Supply for Energy Transition: Ensuring a reliable and diversified supply of energy transition minerals is essential for meeting net-zero targets and sustaining the clean energy transition.

In summary, the report emphasizes the potential of clean energy technologies to enhance affordability, reduce operating costs, and create a fairer energy system while highlighting the imperative for upfront investments, policy interventions, and risk management strategies to facilitate a successful global energy transition.

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