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

Methane Emissions Hit Record Breaking Levels
Methane Emissions Hit Record Breaking Levels
by Josie Garthwaite
Global emissions of methane have reached the highest levels on record, research shows.
kelp forrest 7 12
How The Forests Of The World’s Oceans Contribute To Alleviating The Climate Crisis
by Emma Bryce
Researchers are looking to kelp for help storing carbon dioxide far beneath the surface of the sea.
Tiny Plankton Drive Processes In The Ocean That Capture Twice As Much Carbon As Scientists Thought
Tiny Plankton Drive Processes In The Ocean That Capture Twice As Much Carbon As Scientists Thought
by Ken Buesseler
The ocean plays a major role in the global carbon cycle. The driving force comes from tiny plankton that produce…
Climate Change Threatens Drinking Water Quality Across The Great Lakes
Climate Change Threatens Drinking Water Quality Across The Great Lakes
by Gabriel Filippelli and Joseph D. Ortiz
“Do Not Drink/Do Not Boil” is not what anyone wants to hear about their city’s tap water. But the combined effects of…
Talking About Energy Change Could Break The Climate impasse
Talking About Energy Change Could Break The Climate Impasse
by InnerSelf Staff
Everyone has energy stories, whether they’re about a relative working on an oil rig, a parent teaching a child to turn…
Crops Could Face Double Trouble From Insects And A Warming Climate
Crops Could Face Double Trouble From Insects And A Warming Climate
by Gregg Howe and Nathan Havko
For millennia, insects and the plants they feed on have been engaged in a co-evolutionary battle: to eat or not be…
To Reach Zero Emissions Government Must Address Hurdles Putting People Off Electric Cars
To Reach Zero Emissions Government Must Address Hurdles Putting People Off Electric Cars
by Swapnesh Masrani
Ambitious targets have been set by the UK and Scottish governments to become net-zero carbon economies by 2050 and 2045…
Spring Is Arriving Earlier Across The US, And That's Not Always Good News
Spring Is Arriving Earlier Across The US, And That's Not Always Good News
by Theresa Crimmins
Across much of the United States, a warming climate has advanced the arrival of spring. This year is no exception.

LATEST ARTICLES

Two-thirds Of Glacier Ice In The Himalayas Could Be Lost By 2100
Two-thirds Of Glacier Ice In The Himalayas Could Be Lost By 2100
by Ann Rowan
In the world of glaciology, the year 2007 would go down in history. It was the year a seemingly small error in a major…
Rising Temps Could Kill Millions A Year By Century’s End
Rising Temps Could Kill Millions A Year By Century’s End
by Edward Lempinen
By the end of this century, tens of millions of people could die each year worldwide as a result of temperatures rising…
New Zealand Wants To Build A 100% Renewable Electricity Grid, But Massive Infrastructure Is Not The Best Option
New Zealand Wants To Build A 100% Renewable Electricity Grid, But Massive Infrastructure Is Not The Best Option
by Janet Stephenson
A proposed multibillion-dollar project to build a pumped hydro storage plant could make New Zealand’s electricity grid…
Wind Farms Built On Carbon-rich Peat Bogs Lose Their Ability To Fight Climate Change
Wind Farms Built On Carbon-rich Peat Bogs Lose Their Ability To Fight Climate Change
by Guaduneth Chico et al
Wind power in the UK now accounts for nearly 30% of all electricity production. Land-based wind turbines now produce…
Climate Denial Hasn't Gone Away – Here's How To Spot Arguments For Delaying Climate Action
Climate Denial Hasn't Gone Away – Here's How To Spot Arguments For Delaying Climate Action
by Stuart Capstick
In new research, we have identified what we call 12 “discourses of delay”. These are ways of speaking and writing about…
Routine Gas Flaring Is Wasteful, Polluting And Undermeasured
Routine Gas Flaring Is Wasteful, Polluting And Undermeasured
by Gunnar W. Schade
If you’ve driven through an area where companies extract oil and gas from shale formations, you’ve probably seen flames…
Flight Shaming: How To Spread The Campaign That Made Swedes Give Up Flying For Good
Flight Shaming: How To Spread The Campaign That Made Swedes Give Up Flying For Good
by Avit K Bhowmik
Europe’s major airlines are likely to see their turnover drop by 50% in 2020 as a result of the COVID-19 pandemic,…
Will The Climate Warm As Much As Feared By Some?
Will The Climate Warm As Much As Feared By Some?
by Steven Sherwood et al
We know the climate changes as greenhouse gas concentrations rise, but the exact amount of expected warming remains…