The need of the hour: A Renewables revolution

Context: Renewable energy can limit climate disruption and boost energy security. Thus, their use must be incentivised and supported.

Fossil fuels are the major cause of the climate crisis. All climate indicators are breaking records. It is a strong indication towards ferocious storms, floods, droughts, wildfires and unliveable temperatures in vast swathes of the planet.

We are close to breach the 1.5°C limit that is maximum level of warming to avoid the worst climate impact as per the scientists. The emission must be reduced by 45 per cent by 2030 and reach net-zero emissions by mid-century.

Moreover, oil and gas prices have reached record price levels and renewables are getting cheaper.

Renewable energy can limit climate disruption and boost energy security. However, investors are still investing in fossil fuels and governments are spending billions of dollars in the form of subsidies for coal, oil and gas.

However, for the health of our societies and planet, polluting fossil fuels should be abandoned and the renewables-based energy transition should be accelerated.

How the renewable energy can be boosted around the world?

First, Renewable energy technology should be made a global public good. By that intellectual property barriers to technology transfer would be removed.

Second, improving global access to supply chains for renewable energy technologies, components and raw material. For example, higher costs for lithium and other battery metals are hurdle in deployment of such technologies. Thus, a global coalition is required to solve such problems.

Third, fast track solar and wind projects, by removal of red tap in approval procedures.

Fourth, energy subsidies from the fossil fuels must be diverted to renewable energy.

Fifth, triple the investments in renewables.

Besides renewable energy, there are other methods to control climate change. These are Nature-based solutions, such as reversing deforestation and land degradation, are essential. Thus, all these methods must be used together to control the Impacts of Climate Change.

Source: This post is created based on the article “The need of the hour: A Renewables revolution”, published in Indian Express on 2^nd July 2022.