Many energy companies embrace renewables as part of a shift toward sustainable solutions. With emerging partnership opportunities, growth in battery storage, and tax incentives, there is increasing optimism for renewables and collaboration.
BP is leading the way in investing in low-carbon projects, including spending a hundred million on based electricity and solar power provider.
Economic Benefits
Over the past years, the price of renewable energy has decreased dramatically. In many places of the world, wind and solar energy are presently the least expensive sources of electricity. New relationships and markets have been opened up as a result. For example, BMW uses a large wind farm to power its plant, producing the i3 and i8 electric cars, while discount retailer installs photovoltaic panels in all 1,000 stores.
Furthermore, unlike fossil fuels, renewable energy does not create pollution or waste. The mining of coal, oil, and natural gas requires the destruction of natural habitats, while the solar and wind industry uses natural resources that are continuously replenished. Furthermore, renewables have a much shorter “energy payback period,” which means that the embodied energy of solar panels and wind turbines is recouped within 1-3 years and eliminated from the carbon footprint in six months.
Furthermore, renewables from energy companies in Texas can increase energy access and security. For example, the community-driven renewable microgrid model enables local communities to take charge of their energy needs by purchasing and installing solar systems that connect directly to their energy grids. Similarly, entrepreneurs in emerging economies can establish peer-to-peer microgrids that allow consumers to become “energy entrepreneurs” by generating and trading their solar electricity on sunny days.
Environmental Benefits
The environmental benefits of embracing renewable energy are vast. Unlike fossil fuels, which are difficult to extract from the earth and require heavy machinery, processing stations, pipelines, and transportation, renewables convert natural resources directly into electricity. Plus, they produce no or low greenhouse gasses and pollution.
Furthermore, renewables help alleviate climate change’s stress on human health. Fossil fuel combustion releases toxins into the air, leading to respiratory, cardiovascular, and neurological problems. These harmful chemicals can also cause premature death, as they are so dangerous to our bodies when inhaled over time. Renewables emit no such toxic substances and have been shown to reduce disease risk.
As the demand for alternative forms of energy grows, companies are starting to adopt green practices and embrace sustainable business strategies. The company recently signed a power purchase agreement for a solar project and is working toward achieving carbon neutrality by 2020.
As a result of rising global concerns about climate change, the need for renewables to meet energy needs is becoming increasingly urgent. With costs for wind and solar technology continuing to fall, it is only a matter of time before they reach parity with conventional energy sources.
Health Benefits
Most people anticipate positive results when asked how a switch to renewables would impact air and water quality in their local area. Six in ten say such a shift would improve local mood and water quality while expecting it to worsen. Additionally, a majority say a renewable energy transition would better affect energy jobs in their local community.
Across the globe, fossil fuels emit health-endangering pollutants that lead to skyrocketing rates of asthma, heart disease, and respiratory illness. By contrast, clean energy technologies such as wind and solar are known for their low emissions and fewer toxic byproducts. As a result, people can enjoy cleaner air and safer indoor spaces with lower maintenance costs.
A shift to renewables is especially crucial for low- and middle-income nations. Increasing energy demand in these regions drives global investments in renewables, often less expensive than traditional fossil fuel options. In addition, renewables are more resilient to geopolitical instability and price spikes that disrupt conventional energy markets.
The popularity of renewables among private entities has also helped boost public acceptance. For example, healthcare providers have built wind and solar facilities and use energy storage. Corporate renewable energy users, each tech giant buying power from multiple sources, including solar.
Job Growth
Many energy companies embrace renewable energy to make a positive difference. By switching to renewable energy, they are supporting job growth in a way that can improve their bottom line and image as responsible corporate citizens.
The shift to renewable energy is also helping to mitigate climate change. Many fossil fuel-based power plants emit a large amount of carbon dioxide into the air, which can contribute to global warming. However, solar and wind energy generate clean energy that does not contribute to climate change.
Furthermore, the shift to renewables supports local communities by creating jobs in constructing, operating, and maintaining renewable energy facilities. It also helps to create cleaner air, reduce the risk of natural disasters like wildfires and hurricanes, and protect water supplies.
Some major technology and retail companies have already transitioned to renewable energy. This includes energy from on-site photovoltaic solar, hydro, and biomass.
The company plans to increase its investment in renewables by up to 20% of its capital expenditure by 2025. The world needs more energy companies that are embracing renewable energy so that we can create a more sustainable future.