On November 13, 2018, the European Parliament approved a proposal to phase out coal before 2030. MEPs concluded that the harm caused to the environment (and therefore to human health) by emissions from coal energy is greater than the economic benefit from this type of generation.
Renewable Energy Sources and the Decarbonization Issue
The pandemic has only increased the debate over the need for a fast energy transition — replacing fossil fuels with renewable energy sources (RES), and falling demand for oil and gas in 2020 has given rise to many predictions about when the era of hydrocarbons will end.
The growth in demand for renewable energy sources allows achieving significant results in three areas: low electricity prices, reliability of supply, and reduction of carbon emissions.
Decarbonization and the climate agenda for many world companies have long gone from theoretical to practical field. Big business is willing to make a voluntary commitment to carbon neutrality, analysts predict.
A socially responsible business, realizing the importance of preserving nature and improving its condition, strives in every way to minimize the harm of the impact of its activities on the environment.
Reducing the Carbon Footprint: Global Trend with Useful Subtext
The business world is undergoing a crucial transformation phase. The global trend towards decarbonization is becoming a key parameter of competitiveness in many markets. The use of green energy in the production chain helps to reduce the carbon footprint of businesses and goods produced. “Green” instruments create a so-called “win-win-win” situation on the market where everyone wins – businesses, investors, and society as a whole.
The situation in the EU seems to be quite obvious: the leading economies of Western Europe, one after another, are taking decisions to stop using coal in the energy sector (mainly for environmental reasons).
RES — the Most Preferred Sources of Energy Supply
The main ones who pull Europe into a new era of renewable energy are the Scandinavian states — Sweden (55% of green energy), Finland (41%), and Denmark (36%). Thanks to government support programs, these small Nordic countries are in a strong position in the global energy innovation market. And besides the obvious benefits from the transition to renewable sources (energy independence and environmental improvement), they receive considerable income from the technologies and equipment export.
A recent study by Stanford researchers showed that the entire world could obtain energy from renewable sources in 20-40 years. Considering the technology that already exists, it is not hard to imagine.
Various world economies are introducing special bonuses regarding electricity generation from renewable energy sources: hydropower, solar, wind, geothermal, biomass, etc. They try to support their further development and attract investments. If earlier investing in alternative energy sources was a priority of global companies and corporations, now representatives of small and medium-sized businesses are also interested in it.