getting_to_change
 We are undergoing major economic change, whether we like it or not. If we can’t stop it; how can we adapt to benefit from it?
We are undergoing major economic change, whether we like it or not. If we can’t stop it; how can we adapt to benefit from it?

Are you ready for the renewable energy future?

Original content by ChangeDriver

Original content by ChangeDriver

Not too long ago, the average person would have laughed at the idea that solar power could be cheaper than gas or coal. The cost of solar energy just keeps dropping – and has been for 40 years. The cost per solar watt was $78 in 1979. Today it is less than 50 cents per solar watt.

One reason for this drop in cost is government policies designed to encourage the development and use of solar power and government commitments to reducing emissions. For instance, the UK recently legislated net zero emissions by 2050.

Another reason is the improvement in technology which plays a big role in the shift to viable renewable energy.  

The growth of renewable energy is good news for the world, right? It may mean that we will be able to decrease the worst effects of climate change and limit damage to the natural environment.

However, along with the good news, there is some bad news: experts are predicting major economic losses on a global scale—reaching $1 to 4 trillion by 2035 as the demand for fossil fuels drops drastically.

One recent study found that 20% of the world’s power plant capacity could become “stranded assets” if the climate change goals are met. This means that fossil fuels will become too costly to extract from the ground.

But even if countries do not adopt new climate policies, renewables will still dominate, according to a study in the journal Nature. Low carbon technology, green transportation, such as electric cars, and greater fuel efficiency are collectively reducing demand for fossil fuels.

Renewable energies are driving major economic change, whether we like it or not. If we can’t stop it, how can we adapt to benefit from it?

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