An increased concentration of greenhouse gases in the atmosphere is a huge challenge for humanity. The problem of climate change and pollution entails several negative and often almost irreversible consequences. The decarbonization issue has long been identified as one of the most strategic.
Decarbonization Issue: a Tool to Promote Renewable Energy Sources
The decarbonization strategy is a complex, multi-stage and unique process for each country or company. It depends on the structure of its assets, production technologies, investment opportunities, and current regulation. There is a significant number of decarbonization methods from which companies in different countries can compose an optimal set for themselves:
Rational use of energy resources by businesses is one of the easiest and cheapest ways to reduce CO2 emissions. Most companies focus their decarbonization efforts on various methods for the efficient use of energy and resources. Some companies estimate that up to 40% of all efficiency opportunities for decarbonization are commercially attractive even without additional funding.
Recycling, reuse, and utilization of secondary energy resources
Companies in the oil and gas sector are increasingly committed to the principles of a circular carbon economy: they use and recycle CO2, convert emissions into products with a lower carbon footprint, and reduce their carbon footprint by reusing materials and resources.
Investments in green energy and technological advances can help reduce coal consumption levels faster and accelerate the transition to cleaner energy sources.
Shifting from Coal to Renewable Energy Sources
For more than two centuries, the power supply of homes, businesses, and economies has relied on coal, the fuel of the Industrial Revolution. However, the days when fossil fuels will be replaced with renewable energy sources are just around the corner.
An increase in the carbon footprint (tons of various gases in the atmosphere containing carbon particles from human activities) accelerates climate change. The whole world is now working to reduce CO2 emissions, so everyone can try to reduce their own carbon footprint:
- Give preference to seasonal and local products;
- Reduce the amount of waste;
- Disconnect electronics after use;
- Choose energy-efficient devices;
- Choose renewable energy suppliers for gas and electricity.
Renewable Energy Sources
Renewable energy did not stop growing even during the COVID-19 crisis. The European Union’s electric power industry has changed leadership: renewable energy has become the largest electricity producer. For the first time, in 2020, 27 countries of the European Union received more electricity from renewable energy sources than from fossil fuels. The part of coal, gas, and oil fell to 37%, while wind, solar, hydropower, and biomass is about 38% of total EU electricity generation (increasing production by 10%). Against this backdrop, the production of electricity from natural gas slightly decreased (only 4%).
During the UN Climate Change Conference, a group of investment funds called for actions to tackle the climate change process, accelerating the pace of solving the decarbonization issue. According to the UN Secretary-General, the challenge for humanity is to provide every person on the planet with access to clean energy and to hold back global warming.