Climate change has been a hot topic over the last few years. Technically speaking, the topic has been discussed for several decades, but it has been the topic of discussion as of late. While many people oppose the idea of climate change and write it off as nothing more than a myth, climate change is very real. And it is threatening our lives. There have been multiple initiatives put in place to help reverse some of the effects of climate change. One of the largest factors aimed at avoiding climate change has been renewable energy, and although it’s helping a bit, it might not be enough.
According to a recent report from CNBC, renewable energy is simply growing at too slow of a rate in order to be as effective as it should be. In the report, the International Energy Agency (IEA), although renewable energy is being adopted throughout the world, it still isn’t making the necessary penetration in the world’s largest industries. More specifically, heating and transportation are the two largest industries that still have yet to make the large-scale push towards renewable energy.
And unfortunately, the IEA claims that, by the year 2023, renewable energy will only account for 12.4% of the world’s energy demand. What’s even worse is that by 2040 (only 17 years later) the world’s energy will only be 18% renewable. The IEA claims that in order to truly combat climate change, the world’s renewable energy usage must be at least 28%.
So what’s holding us back? In short, governmental policies are interfering with progress. At the moment, several regulations and policies are written in such a way that make investors and companies hesitant to invest in renewable energy. The IEA believes that renewable energy could grow up to 25% faster if these policies were rewritten.
There are some exciting statistics on the horizon for the planet’s renewable energy focus. Over the course of several years, we are looking to see significant renewable energy upgrades in several nations’ infrastructures. Sadly, it still isn’t enough. We must implement even more renewable energy technologies and solutions or change our legislation to increase investment. It is imperative that we heed these warnings as soon as possible or face irreversible damage to this planet that could threaten future generations.