Why be Optimistic about Clean Energy in 2022?
The energy sector, dominated by fossil fuels, is one of the largest contributors to greenhouse gas. We know nations need reliable energy sources to power homes, workplaces, hospitals, and other areas. Even after years of emphasizing sustainable energy, we have a long way to go for meeting climate goals and achieving universal access to affordable, clean, and reliable energy. The constant momentum to make political and investment commitments has brought remarkable difference while prioritising solar energy in the Caribbean and other countries.
Here are five reasons to look forward to clean and renewable energy:
1 Increasing Use of Renewable Energy
Renewables like wind, solar, and storage have strategically developed over time despite all the industry setbacks that emerged due to pandemic. Though job losses, supply chain disruptions, and other challenges have affected the clean energy industry, its momentum can’t be stopped. These renewable energy vehicles continue to decrease in cost, but they are equally attractive compared to fossil fuel alternatives. They’ll always be in demand among consumers, corporations, and other utilities alike.
2 Clean Energy is a Smart Investment
As mentioned above, cleaner energy is comparatively less expensive than fossil fuels; they are also changing the bigger picture of sustainability. The fall in price, plus the introduction of innovative business models and technological advancements, give hope of good times. On top of that, energy-efficient technologies deliver exceptional climate advantages. The ideal efficiency policies can enable the world to achieve more than 40% of the emissions reduction.
3 Solar Champions New Heights
After an 85% cost decline over the years, solar photovoltaic (PV) systems are among the most cost-competitive energy resources in the world. In 2022, you can witness solar-plus-buildouts, solar PV modules and enhanced solar communities thriving. Aligning storage with solar offers operational efficiencies, cost synergies, and the opportunity to reduce storage capital costs with the solar investment tax credit.
4 There is Growing Momentum for Carbon Neutrality
115 countries have committed to building greener, better, and more sustainable surroundings throughout the year. Moreover, high-emitting economies like China, Japan, the UK, South Korea, and the EU have made net-zero commitments. In 2019, US$500 billion was spent on subsidies of fossil fuel. These climate prevention commitments and renewable energy programs are a dominant signal and a necessary step towards reaching net-zero emissions or carbon neutrality.
5 Sustainable Development in the Renewable Energy Industry
In 2022, end-of-life (EOL) management strategies for the renewable energy industry and materials will likely capture attention. This will help to increase resource security, reduce waste, and provide additional financial value and sustainability credentials. As wind, solar, and battery installations are expected to climb new heights, waste generation will likely happen and require urgent solutions. By 2030, decommissioned PV modules may reach 1 million tons of waste, and around 80 metric kilotons of lithium-ion batteries (LiBs) need to be recycled in the United Nations.
Regulators, industry stakeholders, and policymakers have started exploring solutions to extend the life and enhance performance, recovery, and reuse of products and materials. When it comes to building a circular economy for batteries involves deeper collaborations among businesses and economies. A secondary market for repurposed electric vehicle LiBs consists of bulk energy storage systems. But regulations for recycling and reusing batteries are in the early development stage and required to attract private investors.