The shift from fossil fuels to renewable energy will enable companies to achieve a more sustainable future, create jobs and stay competitive.
While emissions released into the atmosphere declined during national lockdowns amid the pandemic, C02 emission levels spiked again as economic activities and transportation resumed. This is because most industries still heavily rely on traditional fossil fuels, coal and natural gas, but the processes used to extract them from the earth are polluting the atmosphere and affecting bio-diversity.
Companies and households are therefore encouraged to utilize renewable resources such as solar, wind and geothermal energy to mitigate their carbon footprint and comply with net zero commitments.
Switching to green energy is seen as the best way to achieve this. At the same time, renewables are expected to translate into savings and commercial opportunities.
Stable energy costs
The cost benefits of switching to renewable energy sources outweigh the drawbacks as renewables allow businesses to benefit financially as well as reducing their environmental impact.
With the declining reserves of oil and other fossil fuels around the world, prices are on the rise. As supplies continue to dwindle, their costs are expected to rise further in the future.
Unlike fossil fuels, renewable energy sources are ample and unlimited. Costs are also decreasing as new technologies emerge. Onsite generation and energy storage are quickly becoming more viable options for businesses in terms of financial savings.
Get ahead of the curve
To stay competitive, businesses will have to adopt clean energy strategies. As climate action becomes increasingly vital across the world, you may find some businesses ‘greenwashing’.
This means going green performatively through marketing, rather than taking the physical leap towards a more sustainable future.
While this may seem like an easy solution right now, ‘greenwashed’ businesses will experience repercussions as we near net zero deadlines.
Other than providing clients with the best possible service or product, a business should be transparent about its ethics. Assuring clients and investors that your values align with environmental issues is a great way to boost public relations and secure future funding.
By procuring green energy or generating onsite generation, businesses take control of their impact on the planet. The reputational benefits of this as the UK transitions to a net zero economy cannot be overlooked.
Job generation
Investing in renewables encourages growth within the energy industry and in turn generates new roles within the sector. As more businesses join the journey to a greener future, the renewable sector will grow exponentially.
Solar energy and hydropower are among the sources which create the highest number of jobs. In 2016, some 9.8 million jobs were generated within the renewables sector.
This number has continued to grow throughout the years as renewables fall into higher demand.
Renewables may also be responsible for powering an economic recovery after Covid-19.
The International Renewable Energy Agency (IRENA) said green energy could lead to global GDP gain of almost £80 trillion between now and 2050.
IRENA is urging governments to make the switch to kickstart this economic recovery.
Environmental impact
One of the most important benefits that renewable energy offers is reducing detrimental impacts on the earth. In contrast to the destructive effects of fossil fuel energy, renewables produce little to no harmful emissions.
Sourcing wind or solar energy does not affect water resources. In contrast, fossil fuel energy extraction had a huge impact on global water supplies.
Green energy is seen as the best hope for sustainable future.
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