Business Insider reported that companies such as Exxon Mobil and Shell have invested a large amount of money into Solar Power Plants. According to the report, even shareholders and stakeholders support this policy realignment. Exxon shareholders have backed the decision to reveal the financial impact green initiatives will have on the future of the company.
The World Bank, on the other hand, stated that fossil fuels would remain the primary source of energy for at least another 30 years. The oil and gas majors continue investing heavily to acquire rights to new deposits. The verdict is still out regarding the fossil fuel industry’s efforts to push green energy, but these are encouraging signs.
The Light at the End of the Tunnel
India, with its 1.2 billion inhabitants, is setting new records in terms of renewable energy targets. India’s proactive government and the sustainable energy push of market players such as Luminous have helped it achieve several green energy targets earlier than expected. The country is moving forward with solar, wind, and hydro projects. Roof-top Solar adoption in rural and urban areas has reached a record high. In India, the government offers several incentives for homeowners to invest in off-grid or on-grid solar power solutions. This makes Solar financially attractive.
The rapid expansion of internet and telecommunication services in India has also helped to spread the word about Solar Power. People are increasingly becoming tech-savvy and exploring online resources to learn about the benefits of solar energy. These tools, such as the Solar Energy Cost Calculators, have helped people understand the math behind solar investments and bust several myths regarding roof-top solar systems.
India is not the only country to have experienced this. Other signatories to the Paris Climate Deal also showed their commitment to climate reforms by adhering to aggressive deadlines.
Conclusion
A recent study concluded that global warming could exceed current projections of more than 15% by 2100. The cornerstone of any pro-climate campaign will be a concerted push by governments and institutions around the world.
Positively, the World Bank stopped funding coal projects in 2010 and will no longer do so after 2019. Hope that the rest of the world will soon follow suit.