Even oil and gas companies are buying Solar
The definite proof that we are moving towards a greener future is the fact that the world's largest oil-and-gas companies now investing in Solar Power.
According to a Business Insider report, companies like Exxon Mobil, Shell and British Petroleum have been investing a significant amount of money in Solar Power Plants. Even the shareholders and stakeholders are on-board with this realignment of policy, as per the report. Over 63% of Exxon's shareholders have supported the move by the company to disclose the financial impact of green initiatives on the company's future.
On the other hand, the World Bank had recently cited that fossils will remain the main source of energy, at least for another 30 years. As a result, the oil-and-gas majors continue to invest heavily in procuring rights to new reserves. While the verdict's still out on the efforts of fossil fuel industry's green energy push, these are still encouraging signs.
The Light at the End of the Tunnel
India, a country of 1.2 billion plus inhabitants, has been setting records of its own in achieving renewable power targets. The pro-active approach of the Indian Government and a sustainable energy push from market players like Luminous has helped the country in achieving several green energy goals earlier than planned. The country has been moving forward with several solar, wind and hydro power projects, and roof-top solar adoption is at an all time high in the rural and urban areas. There are several incentives offered by the government for investing in on-grid and off-grid solar solutions for homeowners in India, which is making Solar financially attractive for the early adopters.
Furthermore, the rapid expansion of telecommunication and internet services has helped in spreading the word about Solar Power in India. As people are becoming technologically savvy, they are exploring the online space for the benefits offered by Solar and renewable energy. Free Solar Energy Cost Calculators and other such tools have also helped people in understanding the mathematics behind a solar investment and helped in busting several myths about roof-top solar solutions.
India's is not an isolated incident and other signatories of the Paris Climate Deal have also shown their commitment to the climate reforms by sticking to aggressive timelines.
Concluding Thoughts
The push for green energy is significant in view of a recent study which concluded that by 2100 global warming might exceed the highest current projections by more than 15%. Thus, a concentrated push from the world governments and institutions will be the cornerstone of the pro-climate movement.
On a positive note, the World Bank will stop financing oil-and-gas financing from 2019, and has already stopped financing coal projects since 2010. We hope that the world soon follows suit.
