As 2023 rejoices reflections also surface, but not just inward. Looking back on 2022, society has made sizable investments when it comes to the climate crisis, mainly in renewable energy. Not to say that more action is not necessary—because it most certainly is, especially in the category of embracing climate solutions. But on the other, more positive hand, reports show significant contributions toward green energy.
Why is purifying our energy grid essential to avoiding climate devastation? Well, we use energy for everything: transportation, heating, cooling, electricity, etc..
Currently, these appliances' energy sources come from fossil fuels, such as coal, natural gas, or oil; all of which release greenhouse gases into our atmosphere and warm our planet. By replacing these fuels with clean energy (solar, wind, hydroelectric, etc.), we decarbonize our energy sources.
Most often scientists focus on decarbonizing the electricity grid, rather than attacking energy broadly. Clean electricity means clean power across the economy, since if our electricity is green, so becomes our cars, other transportation, homes, and industries.
Overall, Leah Stokes—a professor at UC Barbara and climate solution podcaster—summarizes, that all these sectors that become green with clean electricity make up 70-80% of our total greenhouse gas emissions! So, renewable energy is a key component in battling climate change.
Fortunately, @futureearth shared exciting data released by Grist this week. In the first half of 2022, global investments in renewable energy reached $266 billion, the highest amount ever in the first half of a year; about, 11% higher than the first six months in 2021. Solar power specifically rose up 33% from the initial half of 2021, recording $120 billion in 2022. Wind made a 16% or $84 billion rise. The Chinese market leads these investments, with the US being a close second.
On top of that, the first half of 2022 revealed unprecedented investments in venture capital and private equity for renewable energy and battery storage; the US advancing in these areas.
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