Replacing fossil fuels with renewable energy will save countries at least US$12 trillion by 2050, an Oxford University research team reports.

The study in the journal Joule concludes that “the decarbonization of the energy system will not only see a major reduction in the cost of producing and distributing energy, but will also allow for greater levels of energy to be produced and therefore help expand energy access around the planet,” The Independent reports. “The faster the transition to renewables occurs, the greater the potential for savings,” translating into an “enormous boost to the global economy” as countries abandon fossil fuels.

“There is a pervasive misconception that switching to clean, green energy will be painful, costly, and mean sacrifices for us all—but that’s just wrong,” said team lead Doyne Farmer, director of the complexity economics program at Oxford University’s Institute for New Economic Thinking.