Renewables are the fastest way to meet global decarbonization goals and increase energy independence.
FREMONT, CA: There has been a significant increase in the use of renewable energy in North America in the past decade. During that time, the amount of electricity produced by solar and wind nearly doubled in the United States. Decarbonization, customer goals, and technological advancements have contributed to its growth, including 70 percent of utilities committing to 100 percent clean energy goals.
Businesses across industries will continue to prioritize decarbonization goals and clean energy transitions regardless of whether the current administration's legislative agenda offers significant support.
Let us know the upcoming trends in the renewable energy sector and their impact on businesses.
Net-zero and science-based targets are on the rise: The Science-Based Targets initiative (SBTi) continues to reduce emissions at an unprecedented rate for businesses. There are also an increasing number of organizations taking on leadership roles within their respective industries by committing to 100% renewable energy, or net-zero carbon emissions, at a corporate level.
Creating action and impact with Scope 3 targets: A key to reducing emissions is to address emissions across the entire value chain, according to business leaders.
A Scope 3 emission is found outside a company's direct control and is generated by suppliers or consumers of the company's goods. Unlike Scope 1 and Scope 2, which emanate from company-owned or controlled sources and indirect emissions on the company's behalf, Scope 3 emissions come from sources outside of the company's direct control. The whole picture of an organization's impact can be seen by considering its whole value chain and setting concrete targets to achieve decarbonization objectives.
Supply chain and grid challenges persist despite rising costs: Developers of clean energy projects could have to wait several years before they can connect their systems to the grid, leaving hundreds of projects hanging in the balance. Increasingly, grid upgrades are needed along with improved state interconnection rules as more renewable power plants come online.
Clean power projects aren't just commodities anymore- environmental and social benefits: It is now widely understood that renewable energy projects can have financial and non-financial impacts on the communities where they are located. Environmental and social criteria are now being considered when evaluating renewable energy projects.
By fostering sustainable development through the support of organizations and small businesses, solar and wind energy are playing an increased role in the local economy, fostering sustainable development and supporting local economic growth.