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THE COST OF BUSINESS-AS-USUALClimate change is expensive. It is estimated by the World Bank that US$30 trillion in economic output is at risk globally due to climate change through to 2050. These expenses will only exponentially increase as we continue to pollute and release more carbon into the atmosphere. Despite these steep costs, many countries still perpetuate the myth that taking climate action is too expensive for them. A recent study by Bloomberg New Energy Finance estimates that a further US$5.3 trillion investment in 3.9TW of zero-carbon capacity energy would be required to keep the planet on a 2°C trajectory in line with the Paris Agreement – this amount of US$5.3 trillion is fascinatingly the exact sum that will be given in energy subsidies for fossil fuels this year. The return on investment would be significantly higher if we shifted these funds to renewable energy.Solar is now one of the cheapest forms of energy in over 60 countries, as prices of installation have dropped by 75 per cent since 2009 and are projected to further decrease another 75 per cent by 2025 as more solar is deployed and technological improvements occur (according to the International Energy Agency). Electricity originating from solar is also one of the cheapest in the world – IRENA predicts that the global average levelised cost of electricity (LCOE) of solar could fall by 59 per cent from 0.13 to 0.06 $U/kWh by 2025. In addition to the relative cheapness of electricity coming from solar power, it is also more cost effective for utility providers. Utilities can handle up to 20 per cent of production from solar; this helps the grid because it produces electricity when needed. Solar power peaks in the middle of the day, which is also when most regions are using the most energy, as we have the air conditioning running and all our offices and businesses need power. As production matches consumption, this allows utilities to better manage surges and stabilise prices.Solar becomes an even better deal when we consider the price of externalities.The power sector is one of the main emitters of CO2 globally, producing unsupportable levels of air pollution and environmental degradation. Air pollution kills somewhere between 3-5 million people and costs the global economy more than US$5 trillion annually in welfare costs, according to an IMF report. Simply by raising taxes on highly polluting fossil fuels, or eliminating the subsidies, we could reduce deaths caused by air pollution by 55 per cent and save billions of dollars. A clean power sector would make a huge difference to the standard of living and lives of millions of people. The growth of solar also means the growth of jobs. The solar industry is the biggest employer in the renewable energy sector, with over 3.1 million jobs provided in 2016. This helps to boost a countries’ GDP while giving its citizens access to cheap, clean energy. In the US for example, one out of every 50 new American jobs was created in the solar industry in 2016. Stable jobs are especially important for emerging markets, as many have been historically dependent on oil or coal for economic growth, yet jobs in these sectors have been in steady decline in the past decade. Just take China, the world’s biggest coal producer, as an example. The Chinese coal industry is facing a cut of 1.3 million jobs, but a recent investment in the renewable energy sector is projected to produce 10 million more jobs, taking people out of the dirty coal mine and allowing them to have their time in the sun (IRENA).SUSTAINABLE ENERGY 043