From urgent environmental topics of global conferences to recent studies backing the sustainable efficiency of clean energy, you can read them all here for this month's Decarb Digest.
World Economic Forum's 53rd Annual Meeting
World leaders and renowned guests recently gathered at Davos to attend the World Economic Forum’s 53rd Annual Meeting themed “Cooperation in a Fragmented World,” with discussions focusing on globalization, the imminent recession, and expediting climate action.
Leaders and executives committed to supporting the Paris Agreement on climate change which aims to limit global warming and reach net zero emissions by 2050. The launch of the Coalition of Trade Ministers on Climate, a group of over 50 countries, was also a highlight, with the aim of promoting trade and investment in climate-mitigating goods, services and technologies in developed and developing countries.
Study on Renewables and How It's Better for Your Wallet
A recent study by Energy Innovation Policy & Technology has shown 99% of 210 involved coal plants are more expensive to operate than if they were running on solar or wind power.
New clean energy technologies are significantly cheaper as coal costs have remained the same or increased. The report shows that recent developments in wind or solar technologies are at least 30% cheaper than running over 75% of existing coal plants and can even cover the costs of adding battery storage to enhance one's grid system.
Clean energies like solar and wind power provide cheaper source of power compared to coal without compromising the dependability of an electricity system.
Global Energy Transition
The world is experiencing an unprecedented shortage of energy due to various factors like extreme weather conditions, supply chain disruptions, and political tensions. As a response, several countries are shifting away from fossil fuels and adopting cleaner sources of energy such as wind, solar, and hydropower.
The transition to sustainable energy is not just a matter of environmental responsibility but also an economic opportunity that can create jobs, improve public health, and spur economic growth.
Sources:
- https://www.weforum.org/events/world-economic-forum-annual-meeting-2023
- https://www.forbes.com/sites/alanohnsman/2023/02/04/current-climate-report-finds-that-replacing-coal-plants-with-renewables-saves-a-lot-of-money/?sh=57df2c3a3c89
- https://www.weforum.org/agenda/2023/02/energy-transition-power-record-global-energy-crisis-13-february/