Climate Crisis Offers A Green Business Boom

Climate Crisis Offers A Green Business Boom

Off-shore wind’s performance is exceeding expectations. Image: ByIan Simpson on Unsplash

The tide is turning against the fossil fuel industry as countries and companies recognise the green business boom of alternative energy.

While the news about the climate crisis worsens and some national leaders, notably President Trump in the US, continue to champion the fossil fuel industry, there are still reasons to be cheerful, notably the developing green business boom of abandoning fossil fuels.

Fighting climate change has become the world’s single biggest business opportunity. Investment in wind power, solar, green hydrogen, energy storage, biogas, electric cars, tidal and wave power is at an all-time high.

Some countries, for example Portugal, have both business and government working together. They can see that that phasing out coal and replacing it with green hydrogen produced with electricity from sunlight is the road to national prosperity.

But even in countries like the US, where the government champions the polluters, businesses seeking profits are investing in wind and solar simply because they are cheaper than coal.

Just one extraordinary statistic: Texas, the US state most associated with oil, already has 26.9 gigawatts (GW) of installed wind power – the equivalent of 26 large coal-fired power stations. That shows how the energy map of the US is changing.

“Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe”

The speed of transition worldwide heralds a new industrial revolution. Three industries growing fast and with enormous potential to make a difference to climate change are green hydrogen, offshore wind, and electric cars.

There is a belief that green hydrogen could become a substitute for oil, both for transport and for heating. A study by energy company Wood Mackenzie estimates that $365 million has already been invested in green hydrogen, but that over $3.6 billion is in the pipeline.

For example, the Portuguese minister of environment and energy transition, João Pedro Matos Fernandes, has revealed plans to develop 1 GW of solar power capacity to be used for hydrogen production.

He was quoted as saying: “Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe. Hydrogen produced will be supplied to local energy-intensive industries, or could be exported using the deep-sea port of Sines.”

Cheaper off-shore wind

The key to the idea is that solar power is now so cheap that using it to create green hydrogen makes the hydrogen competitive with fossil fuels, as well as emission-free.

Apart from the continued success of on-shore wind energy, now recognised worldwide as the cheapest way to generate electricity, there is enormous interest in off-shore wind, where the improved technology and sheer size of the turbines has brought production costs tumbling.

The depth of the sea is also no longer a problem because floating offshore wind farms have now been successfully deployed in the North Sea and elsewhere in Europe. Electricity production from off-shore wind, with the wind blowing more constantly and at higher speeds, has exceeded predictions.

China is among the big developers, but again it is the US which springs a surprise, because analysts claim that investment in off-shore wind there will exceed that for oil and gas within five years.

Capacity in the US could reach 20 GW (the equivalent of 20 coal-fired power stations) by 2030, with an annual investment of $15 billion by 2025, according to Rystad Energy, a firm of independent analysts.

Coal stumbles

While the renewable sector is booming, the biggest polluter − the coal industry − is flagging. The US Federal Energy Information Administration expects renewables (wind, solar, hydro, geo-thermal and a small quantity of biomass) to reach 21.6 % of US electricity production by 2021, ahead of coal at 20.8% and nuclear at 19.7%. Gas remains in front at 37%.

In 2010 coal accounted for 46% of the market and renewables only 10%, and most of that was hydropower.

There is good news on the investment front too, at least for the climate. The latest figures show that for the second year running shares in the oil and gas sector of the stock market have fared worse than any other group.

Although the dividends the oil companies have paid out continue high to keep shareholders happy, the combination of the disinvestment movement and fears for the long-term future of the fossil fuel industry are keeping the stock price low.

There are dozens of smaller initiatives and investments too numerous to detail which amount to an avalanche of change. It is a lot, and a cheering start to the decade, but sadly still a long way from solving the climate crisis. − Climate News Network

About The Author

brown paulPaul Brown is the joint editor of Climate News Network. He is a former environment correspondent of the Guardian and also writes books and teaches journalism. He can be reached at [email protected]


Recommended Book:

Global Warning: The Last Chance for Change
by Paul Brown.

Global Warning: The Last Chance for Change by Paul Brown.Global Warning is an authoritative and visually stunning book

This Article Originally Appeared On Climate News Network

Related Books

Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming

by Paul Hawken and Tom Steyer
9780143130444In the face of widespread fear and apathy, an international coalition of researchers, professionals, and scientists have come together to offer a set of realistic and bold solutions to climate change. One hundred techniques and practices are described here—some are well known; some you may have never heard of. They range from clean energy to educating girls in lower-income countries to land use practices that pull carbon out of the air. The solutions exist, are economically viable, and communities throughout the world are currently enacting them with skill and determination. Available On Amazon

Designing Climate Solutions: A Policy Guide for Low-Carbon Energy

by Hal Harvey, Robbie Orvis, Jeffrey Rissman
1610919564With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of energy policies, designed and implemented well, can put us on the path to a low carbon future. Energy systems are large and complex, so energy policy must be focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Policymakers need a clear, comprehensive resource that outlines the energy policies that will have the biggest impact on our climate future, and describes how to design these policies well. Available On Amazon

This Changes Everything: Capitalism vs. The Climate

by Naomi Klein
1451697392In This Changes Everything Naomi Klein argues that climate change isn’t just another issue to be neatly filed between taxes and health care. It’s an alarm that calls us to fix an economic system that is already failing us in many ways. Klein meticulously builds the case for how massively reducing our greenhouse emissions is our best chance to simultaneously reduce gaping inequalities, re-imagine our broken democracies, and rebuild our gutted local economies. She exposes the ideological desperation of the climate-change deniers, the messianic delusions of the would-be geoengineers, and the tragic defeatism of too many mainstream green initiatives. And she demonstrates precisely why the market has not—and cannot—fix the climate crisis but will instead make things worse, with ever more extreme and ecologically damaging extraction methods, accompanied by rampant disaster capitalism. Available On Amazon

From The Publisher:
Purchases on Amazon go to defray the cost of bringing you InnerSelf.comelf.com, MightyNatural.com, and ClimateImpactNews.com at no cost and without advertisers that track your browsing habits. Even if you click on a link but don't buy these selected products, anything else you buy in that same visit on Amazon pays us a small commission. There is no additional cost to you, so please contribute to the effort. You can also use this link to use to Amazon at any time so you can help support our efforts.

 

enafarzh-CNzh-TWdanltlfifrdeiwhihuiditjakomsnofaplptruesswsvthtrukurvi

follow InnerSelf on

facebook-icontwitter-iconrss-icon

 Get The Latest By Email

{emailcloak=off}

LATEST VIDEOS

A huge iceberg just broke off West Antarctica’s most endangered glacier
A Huge Iceberg Just Broke Off West Antarctica’s Most Endangered Glacier
by Madeleine Stone
Huge blocks of ice regularly shear away from Antarctica’s ice shelves, but the losses are speeding up.
The Rise Of Solar Power
by CNBC
Solar power is on the rise. You can see the evidence on rooftops and in the desert, where utility-scale solar plants…
World's Largest Batteries: Pumped Storage
by Practical Engineering
The vast majority of our grid-scale storage of electricity uses this clever method.
Hydrogen Fuels Rockets, But What About Power For Daily Life?
Hydrogen Fuels Rockets, But What About Power For Daily Life?
by Zhenguo Huang
Have you ever watched a space shuttle launch? The fuel used to thrust these enormous structures away from Earth’s…
Fossil Fuel Production Plans Could Push Earth off a Climate Cliff
by The Real News Network
The United Nations is beginning its climate summit in Madrid.
Big Rail Spends More on Denying Climate Change than Big Oil
by The Real News Network
A new study concludes that rail is the industry that's injected the most money into climate change denial propaganda…
Did Scientists Get Climate Change Wrong?
by Sabine Hossenfelder
Interview with Prof Tim Palmer from the University of Oxford.
The New Normal: Climate Change Poses Challenges For Minnesota Farmers
by KMSP-TV Minneapolis-St. Paul
Spring brought a deluge of rain in southern Minnesota and it never seemed to stop.

LATEST ARTICLES

Climate Research Struggles To Find Funding
Climate Research Struggles To Find Funding
by Kieran Cooke
Climate research is the poor relation of the academic world. Since 1990 it’s won less than 5% of the research funds…
Climate Crisis Could Cause a Third of Plant and Animal Species to Disappear Within 50 Years
Climate Crisis Could Cause a Third of Plant and Animal Species to Disappear Within 50 Years
by Jessica Corbett
Successful implementation of the Paris agreement targets could help reduce extinctions considerably, possibly to 16% or…
New Tools Help Communities Measure And Reduce Their Emissions Locally
New Tools Help Communities Measure And Reduce Their Emissions Locally
by Stephen Pollard
The slogan “What you can measure, you can manage” has become a guiding principle for local climate action. There’s an…
Countering Climate Denialism Requires Taking On Right-wing Populism.
Countering Climate Denialism Requires Taking On Right-wing Populism
by Richard Calland
History may in due course record 2019 as the year in which the penny finally dropped about the climate emergency…
Kenya Is Experiencing Strange Weather. What's Behind It
Kenya Is Experiencing Strange Weather. What's Behind It
by Jennifer Fitchett
Many parts of Kenya have been experiencing torrential rainfall for a couple of months now. This has resulted in floods…
Atlantic Current Could Falter Before 2100
Atlantic Current Could Falter Before 2100
by Tim Radford
v The Atlantic current won’t come to a full stop the day after tomorrow. But it could face a temporary halt later this…
Temperature in Antarctica Soars Past 69°F as NOAA Reports Last Month Was World's Hottest January on Record
Temperature in Antarctica Soars Past 69°F as NOAA Reports Last Month Was World's Hottest January on Record
by Jessica Corbett
While the reading in Antarctica still needs to be confirmed, the Brazilian scientists who logged it called the new…
Africa's Mammals May Not Be Able To Keep Up With The Pace Of Climate Change
Africa's Mammals May Not Be Able To Keep Up With The Pace Of Climate Change
by John Rowan, Arizona State University
Humans have decimated the world’s mammals over the last several thousand years and continue to do so today.