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Brief 12: Energy Transitions To Modern Renewables: Context, Barriers, And Promises, Stanislav Vavilov

Governance and Sustainability Issue Brief Series

The world is not running out of fossil fuels, as is often claimed. With technological progress and favorable economic conditions, a process of resource-base expansion occurs through the production of resources that were previously considered economically unviable. Resource-base expansion requires increasing capital investments per unit of energy extracted and an accompanying rise in production costs per unit. The world is running out of cheap fossil fuels, and in the long term, dependence on fossil fuels leads to energy services that are much more expensive and inaccessible. Given other important incentives for transitioning from fossil fuels, such as the need to …