As a friend of GNN likes to say, “It is cheaper to save the Earth than to ruin it.”
Although various governments around the world continue to keep their coal and oil projects afloat and flourish, market demand and private entrepreneurship are driving what can only be described as a revolution.
The following achievements might have been incredible when global climate change was first discussed as a serious threat to civilization, but the best part about them is that each successive development or adaptation of renewable energy, nuclear fusion, electric cars, and more generates later developments. cheaper and easier to establish through concepts such as best practices and economies of scale.
447,000 people living in the cities of Gemena, Isiro and Bumba in the north of the Democratic Republic of the Congo will be in for a surprise when a trio of solar companies from the UK, France and Spain look for close deals to supply the region with renewable energies.
Citizens of the Democratic Republic of the Congo suffer the lowest rates for reliable electricity in the world, and solar power plants are poised to help with this problem with 18 months of construction beginning.
In West Africa, the Senegalese cities of Kael and Kahone you will find 60MW of solar energy available to them in the coming months, as a variety of institutions offer sustainable energy financing to the government. Senegal is a major net importer of energy, imposing huge financial burdens on people and therefore imports have generally been cheap, ie coal and oil.
Finally, in Nigeria, one of the largest economies in Africa, the Naija Solar Power Program It seeks to equip 500,000 homes with solar panels, generating electricity for 25 million Nigerians in the coming years.
The Jangefe community has already tested the start of gigantic green electrification, with 1,000 homes already equipped with rooftop solar panels.
Windiest on record
2021 was the best year on record whether you are a company that makes wind turbines or an institution that finances them, with 93 gigawatts new added, which is equivalent to a year-on-year increase of 53%. The World Wind Report 2021 it’s amazing, and just cite the executive summary.
“Through technological innovations and economies of scale, the global market for wind energy has nearly quadrupled in size over the past decade and has established itself as one of the most resilient and cost-competitive energy sources in the world. “.
“Today, there are 743 GW of wind power capacity worldwide, helping to avoid more than 1,100 million tons of CO2 worldwide, which is equivalent to the annual carbon emissions of South America” .
The Chancellor of Aluminum
Data collected in March from Germany’s largest auto industry review produced a startling statistic for anyone who has ever seen full parking at an airport in the long run: 1 in 5 German-made cars can be plugged in. .
The Schmidt Automotive Research Center he found that 74,000 of the 373,900 cars that rolled off German assembly lines were electric or hybrid vehicles.
That was the story on the supply side, and on the demand side things are just as rosy. Germany is the fourth largest car market in the world and electric car registrations– Which are purchased and powered electric vehicles – grew from a 4% domestic market share in December 2019 to a whopping 26% market share just 12 months later. 24% of these electric vehicles were manufactured by Volkswagen.
Hybrids also increased from 3% to 13%, which means that there are more hybrids and electric vehicles on German roads than gasoline cars.
This is only against the background of a global increase in the purchase of electric vehicles. that went up 40% during 2020, when most markets were experiencing COVID-related issues.
The new green pension
As the holders of the largest state-controlled pension fund in the world, South Korea’s monetary authorities issued a statement In May, the $ 771 billion National Pension Fund will cease all investments related to coal power both at home and abroad.
The fund also announced that it would renew the guidelines for investment strategies to ensure that a more sustainable pattern emerges in the future.
In mid-May, the Spanish legislature Announced it would phase out all oil, coal, and gas production by 2042, and all carbon-emitting vehicle sales would be banned by 2040.
In the short term, Spanish legislators want 74% of national energy consumption to be fully renewable by the end of the decade. They are already quite close to that goal, since the month of May saw 50% of the country’s energy demand is satisfied with green energy.
Romania also joined the effort, alerting the EU that through its National Recovery and Resilience Plan the country cease all coal production by 2032, by which time it expects to have installed 34% renewable electricity to take over.
G7, the seven largest developed economies in the world, everyone agreed to stop Coal funding by the end of the year, leaving the big African emitters, India and China, as the last remaining strongholds now that Japan, part of the G7, has joined.
Not everything is business as usual in the boardrooms of some of the world’s largest oil producers.
In a landmark court decision, a judge from the Netherlands ordered Royal Dutch Shell reduce emissions by 45% after 17,000 people filed a lawsuit suggesting that Shell’s rather large footprint on the greenhouse gas situation warrants a significant investment in CO2 reduction as a debt to society.
A smart climate activist would support the decision rather than feel that the company should be dismantled. Royal Dutch Shell has decades of experience in the energy industry, and in the same way it was better in the long run for Luke Skywalker to turn Darth Vader to the light side than to destroy him, the new commitments to change his business model to One of Carbon neutrality by 2050 through investments in renewable energy and electric vehicles is probably better than allowing smaller, inexperienced companies to fill the gap that such a large energy exporter would leave.
Elsewhere in Europe, Italian oil company Eni became the first European oil company to launch a corporate bond linked to sustainability.
The 7-year € 1 billion bond is linked to two key performance indicators: “Increase renewable installed capacity to 5GW by the end of 2025; and halve the net carbon footprint of its upstream business to 7.4 million tons of CO2 equivalent by the end of 2024 from 2018 levels, ”it reports. Dow Jones.
Finally, Engine No.1, an investment group that has a long stake in ExxonMobil, succeeded in getting two of its candidates elected to the board of the main American on the grounds that the company’s long-term business strategy was lacking. account for all loss of value. potential derived from climate change, both from shareholders leaving ship, and from possible damage from extreme weather events.
BlackRock, the world’s largest asset manager, with $ 8.6 trillion in private equity, whose sustainable investment strategies GNN has reported extensively on, ensured that Engine No.1 candidates got the positions with their vote.
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