A new analysis by the International Energy Agency has dispelled as a misconception that an accelerated energy transition will make energy more expensive. It has found affordable energy is an outcome of clean energy transitions, not a hindrance to it.

While debate around the world continues on the fairness and affordability of the global energy transition, a new analysis by the International Energy Agency (IEA) has made the picture clearer.

The IEA, in its report Strategies for Affordable and Fair Clean Energy Transitions, dispelled the misconception that an accelerated energy transition will make energy more expensive. It has found the opposite to be true.

The report found that fast-tracking the shift to renewable energy technologies makes energy more affordable and helps reduce overall living expenses which disproportionately affect low-income countries and households.

Consumers worldwide spent nearly $10-trillion on energy in 2022 -- an average of more than $1,200 per person -- even after considering the subsidies and emergency support mobilised by governments. This was nearly 20% more than the average over the previous five years, the IEA noted.

It resolutely dispelled the notion that clean energy technologies are always more expensive than fossil fuel-based ones, "which is not supported by the data".

The report continued, "Clean, efficient choices are often now the most affordable ones, especially in terms of lifetime costs. Cost reductions have mainly been driven by a virtuous circle of innovation, accelerated deployment, economies of scale and...