The Terrible Failure Of Renewables

The sunset of the use of fossil fuels may be the greatest hope for those fighting the climate crisis. Large energy companies have tried to hold onto their multi-billion dollar franchises. At the same time, renewables have dual uphill batters. One is the needed improvement in their technologies. Another is the source of capital, both public and private. Some companies have drawn back on their plans to make renewables a source of profit because of the failures of their early efforts. Capital markets are equally risk-averse.

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How is the process of a move to renewables around the world?

The coal and oil industries are among the largest polluters across the world’s business sectors. A rotation to renewables is supposed to improve that situation. Unfortunately, bad news recently hit those who hoped this would happen quickly. Non-profit REN21 released its major energy trends report,” Renewables 2024 Global Status Report”. The news was grim. “The transition to renewable energy in buildings, industry, transport, and agriculture is falling behind, with 12.7% of energy in these sectors coming from renewables. Despite the urgent need for targeted policies, progress is slow: by 2023, only 13 countries had comprehensive renewable energy policies across all key sectors.” The authors added, “Only 17 of the 69 countries with demand-side policies have set or renewed renewable energy targets for these sectors beyond 2024, and there are indications that governments may be tempted to water down measures in the face of economic and political pressure. Meanwhile, fossil fuels continue to receive subsidies, totalling USD 7 trillion in 2022.” The report listed several reasons for the trends. One is that it is costly to retool large carbon emission companies. Another is the lack of capital to underwrite the growth of renewables.

Climatecrisis247 believes that experts could have seen a report of this kind coming. Even in the US, the Administration has admitted that oil will be essential to the energy stability of the US, if only briefly. Solar and wind power face hurdles to capital availability from the public and private sectors. The news also indicates that an acceleration in global warming will continue.

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