World Future Society / by Matthias Kroll
[Business Green] …a study by the World Future Council calculates that by depriving other sectors of resources that could be used to make products such as plastics, the opportunity cost of burning fossil fuels runs to between $3.2tr and $3.4tr a year – or $8.8bn to $9.3bn a day.
Report author Dr Matthias Kroll said the actual costs “are likely to be even higher”. He added that factoring in these costs makes renewable energy a much more attractive proposition and, as the energy source is never used up, replacing fossil fuels with renewables should be counted as a financial gain.
“The difference between renewables and fossil fuels is not only the zero cost of renewables but also that they will never be exhausted,” Dr Kroll writes. “Not just the current cost of various renewable energies, but also the costs of not using them need to be taken into account.”