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Why as a result of the crisis in energy prices politicians should double the transition to energy

Let’s be honest, no one wants to see headlines about rising energy prices, especially at this time of year. Behind this are real difficulties for business and people. However, as we seek to accelerate the momentum caused by COP26, this current problem is a clear reminder that politicians need to double the zero number in 2022.

For me, the increase in energy costs should be a signal to governments about further and faster investment in renewable energy, because over time, renewable energy is becoming more affordable. We have already seen that new wind and solar projects will be cheaper than coal, and in calendar 2020, it was expected that almost two-thirds of the renewable energy schemes built worldwide would reduce coal costs. As we establish more and more, these costs will decline even more, and in early 2022 we will have a great opportunity for a long-term view of the planet.

Sure, we all understand the short-term cyclical nature of policy, but much more is at stake, and as an industry, we need to encourage governments to continue long-term investment and complete the transition to energy as soon as possible. To do this, we need to give more people more access to more energy – the fact that hundreds of millions of people in the world do not have access to energy, and progress in tackling this has been hampered by a global pandemic. Renewable energy sources have a big role to play in addressing this serious global problem.

It is clear that our lives will be increasingly powered by electricity, so we need more of it, and in particular more green electricity, so we cannot allow short-term problems, cost or otherwise, to subdue our investment in renewable energy. Governments must ensure that energy is affordable, because energy poverty is an absolute problem of quality of life and sustainability. It’s time to invest in renewable energy.

This is beyond the scope of the policy – it is an investment in maintaining the global warming limit of 1.5 degrees, adopted in the Paris Agreement and strengthened at COP26. For our part, we believe that as a social innovation business in 2022, our role is to be an innovative business in the field of climate change. This means using our expertise and expertise to combat climate change. We want to help the business community – and others – better understand how to create climate change solutions, and recognize the importance of partnership to achieve that goal.

But business cannot do this on its own, so we need to work with countries and governments to go beyond the promises of COP26 and start action plans to implement – current energy spending should serve as a springboard, not a deterrent to increase momentum.

For me, the developed world is also obliged to take the lead here, but in the end, we will achieve our collective ambitions only if we include everyone. If we do not help developing countries, we will not solve this problem.

How we cope with rising energy costs is an important test for us after COP26, but I sincerely believe that if we see every challenge as an opportunity, we have a great chance to create the future sustainable world we all want.

Alistair Dormer is Hitachi’s chief environmentalist

Learn more about sustainability in Hitachi

This article is sponsored by Hitachi.

https://www.businessgreen.com/sponsored/4045030/policymakers-double-energy-transition-result-energy-price-crisis Why as a result of the crisis in energy prices politicians should double the transition to energy

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