{"id":82173,"date":"2021-02-11T07:10:22","date_gmt":"2021-02-11T07:10:22","guid":{"rendered":"https:\/\/www.alj.com\/?post_type=perspective&p=82173"},"modified":"2021-08-01T13:27:39","modified_gmt":"2021-08-01T13:27:39","slug":"rebooting-our-climate-the-sustainable-energy-transition","status":"publish","type":"perspective","link":"https:\/\/alj.com\/en\/perspective\/rebooting-our-climate-the-sustainable-energy-transition\/","title":{"rendered":"Rebooting our climate: the sustainable energy transition"},"content":{"rendered":"

It is no exaggeration to say that the future of our society, of our way of life, possibly even of our planet itself, depends on our ability to halt and potentially reverse the impacts of climate change. \u00a0Future generations are counting on us.<\/p>\n

If we fail, our shared future looks bleak: \u00a0Soaring temperatures.\u00a0 Melting ice caps.\u00a0 Rising sea levels.\u00a0 Succeed, however, and not only do we secure the future of our society, we open a whole new path towards a healthier, fairer and more sustainable way of life for the planet.<\/p>\n

At the very center of this conundrum is energy. \u00a0Without it, our civilization would collapse. \u00a0But therein lies the problem.\u00a0 Electricity production is the single largest cause of atmospheric pollutants[1]<\/a>.\u00a0 Worse \u2013 by 2050, we may need twice the amount of energy we presently consume[2]<\/a>.\u00a0<\/p>\n

\"Global<\/p>\n

The scale of the challenge before us is unprecedented and global. \u00a0Have we already passed, as some commentators claim, \u201cYear Zero of the climate apocalypse\u201d?[3]<\/a><\/p>\n

Even with so much at stake, we find ourselves on collision course with one stark reality: our good intentions must be economically<\/em> viable.<\/p>\n

Fortunately, it is becoming increasingly hard to ignore the fact that, when it comes to renewable energies like wind and solar power, the math really does stack up.\u00a0 Less pollution doesn\u2019t mean less<\/em> profit, but more <\/em>profit.<\/p>\n

If money talks, let\u2019s start listening<\/h2>\n

The time to definitively prove the economic case for renewable energy<\/a> isn\u2019t next year, nor even tomorrow. \u00a0It is now<\/em>.\u00a0 While we prevaricate, populations are suffering amid heatwaves, punishing tides and extreme weather.<\/p>\n

And so to the good news.\u00a0 As discussed on our Spotlight article on the economic costs of climate change<\/a> by Fady Jameel<\/a>, Deputy President and Vice Chairman of Abdul Latif Jameel<\/a>, business brains are well motivated to unite behind the green energy crusade.<\/p>\n

    \n
  • Two-hundred of the largest listed companies in the world estimate that the fallout from climate change will cost them a combined US$ 1 trillion.[4]<\/a><\/li>\n
  • The UN International Labor Organization expects work-related heat stress to reduce global working hours by the equivalent of 80 million jobs by 2030.[5]<\/a><\/li>\n
  • According to one calculation, natural disasters translate to a US$ 520 billion loss in annual consumption.[6]<\/a><\/li>\n
  • Without urgent remedial action an extra 100 million people will be forced into poverty by 2030 due to climate change.[7]<\/a><\/li>\n<\/ul>\n

    The smart money\u2019s focused on green energy to save our environment and energize our post-pandemic economy. \u00a0While biofuels and hydropower continue their steady ascent, it\u2019s solar and wind power<\/a> that are generating the real buzz.\u00a0 And it doesn\u2019t take much digging to see how these technologies are already shaping up to electrify the market.<\/p>\n

    Burning ambition of solar pioneers<\/h2>\n

    Solar\u2019s soaring. The pandemic may have slowed down the roll-out of new PV (photo-voltaic) projects worldwide, but its momentum is stronger than any superbug.<\/p>\n

    \"IEAThe International Energy Agency (IEA<\/a>) sees global solar capacity nearing 200 GW by the end of 2021 \u00a0\u2013 a new industry record[8]<\/a>.\u00a0 Setting the pace are China, Europe and the USA, but it\u2019s a truly global phenomenon: more than 30 countries now have in excess of 1 GW solar capacity, as explored in our Perspectives article on the rapid growth of the solar energy<\/a> market.\u00a0 India and Japan will provide further rays of sunshine between now and 2030.<\/p>\n

    \"Renewable<\/p>\n

    New deals are stealing headlines daily. \u00a0See the UAE\u2019s Rashid Al Maktoum IV project, the largest single-site Concentrated Solar Power (CSP) project in the world.\u00a0 Rashid Al Maktoum IV won US$ 4.2 billion financing for its latest expansion, incorporating not only the world\u2019s highest solar tower, at 260 meters, but also the highest global thermal storage capacity, at 15 hours.[9]<\/a><\/p>\n

    See also the US$ 6 billion Leh and Kargil solar power plants in Jammu and Kashmir, India, which will connect to a transmission network extended 850km to Punjab and inject some 7.5GW of energy into the grid.<\/p>\n

    On the back of enormous investments like these, the IEA expects solar to fulfill one-fifth of global energy needs by 2040.[10]<\/a><\/p>\n

    We can feel the heat \u2013 can you?<\/h2>\n

    At Abdul Latif Jameel, we have long recognized the potential of solar power. Now, via our flagship renewable energy business Fotowatio Renewable Ventures (FRV)<\/a>, we\u2019re leading the solar surge with a growing portfolio of projects worldwide.<\/p>\n

    As a snapshot, take our progress in Australia<\/a>. \u00a0Our 67.8 MW Goonumbla<\/a> Solar Farm in New South Wales began operating in 2019 and supplies more than 45,000 homes with clean energy, saving some 140,000 tons of CO2 <\/sub>annually; our 85 MW Winton<\/a> solar farm in Victoria will generate 210,000 MWh of power each year; and our new venture with Snowy Hydro, the 90 MW Sebastopol<\/a> solar farm in New South Wales, brings environmental benefits equating to 27,700 fewer cars on the road.<\/p>\n