Jean Baderschneider: Green tech offers economic boost for rapid transition

Green technologies are creating powerful economic opportunities for a fast global energy transition, said Jean Baderschneider, former Vice President of ExxonMobil, during the second day of Baku Climate Action Week (BCAW2025), Report informs.

She emphasized that the fight against climate change is not just an environmental or ethical necessity, but also an economic imperative.

"We've reached a point where renewable energy sources are incredibly cheap - in fact, they are now the most cost-effective energy option in almost every part of the world," said Baderschneider. "Put simply, green energy now outcompetes fossil fuels in direct, open-market competition."

She attributed this to a "fundamental economic revolution" over the past decade. Since 2010, the cost of producing solar panels, offshore wind turbines, and batteries has dropped by 90%, 70%, and 89%, respectively.

"In contrast," she added, "the construction costs for coal, gas, and conventional power plants remain significantly higher. Over the past two years alone, the prices of solar panels and battery storage systems have halved - meaning each dollar spent now delivers twice as much energy."

Baderschneider's comments underline the growing economic viability of clean energy, positioning it not only as a climate solution but as a competitive investment in the global energy market.