Techfastly September 2022 by Techfastly

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w w w. t e c h f a s t l y. c o m

p34 Carbon Markets

The Solution to a Sustainable Future in the Face of Climate Change by Umar Nabi

RENEWABLE ENERGY Is Greenwashing A Social Problem?: Everything You Should Know About It

Can Crypto Mining Be The New Face of Renewable Energy?

Could The Green Hydrogen Boom Lead to Additional Renewable Capacity By 2026?

by Yash Modi

by Baba Nadeem

by Swarnendu Acharjee

What’s Inside p.4

All You Need To Know About The Renewable Energy Market In 2022

p.42 Legal and Regulatory

Objectives for Carbon Capture, Utilization, and Storage (CCUS)

by Bhumika Dutta

p.16 The Changing Scenario

of The Renewable Energy Market Post COVID-19

by Toulika Das

p.52

by Rehan Hussain

p.34 Carbon Markets: The

Solution to a Sustainable Future in the Face of Climate Change by Umar Nabi

How Can Digital Technologies Help Track Carbon Emissions and What Role Does It Play to Alleviate Renewable Energy? by Aftab Alam

p.60

Is Greenwashing A Social Problem?: Everything You Should Know About It by Yash Modi

p.74 Can Crypto Mining Be The

New Face of Renewable Energy? by Baba Nadeem

p.84 Could The Green

Hydrogen Boom Lead to Additional Renewable Capacity By 2026? by Swarnendu Acharjee

p.92 Investing in Clean Energy

Energy of the Future by Ashesh Anand

Editor’s note

Dear Readers, The upcoming year holds new growth opportunities for the renewable energy sector, which pro-renewable energy administration initiatives may support. In our prediction for the renewable energy industry through 2022, we will consider how new technology, business models, regulations, and investments might be used to address these issues and spur growth. Overall in 2022, the demand for renewable energy is expected to rise as awareness of climate change, backing for environmental, social, and governance (ESG) factors, and demand from most market segments for cleaner energy sources rise. Emission reductions and removals become tradable assets due to carbon markets. The goal is to identify the legal and regulatory barriers and suggest the required regulatory reforms to enable a CCUS supply chain at the national and regional levels. Carbon dioxide emissions are directly and significantly impacted by green technological innovation. One is the impact of green technological innovation on carbon emissions, which can effectively reduce emissions by increasing energy consumption efficiency. According to estimates, digital solutions can improve carbon-intensive operations, increase building energy efficiency, and deploy and manage renewable energy sources to reduce emissions in the energy industry by up to 8%. However, companies are increasingly facing legal action for making false environmental claims, known as "greenwashing," as the world embraces the pursuit of greener practices. Renewables are subject to new risks under Covid-19, which vary widely by market sector and technology, like other industries. In the September issue of Techfastly magazine, we discuss some of these prominent subjects in renewable energy. We also discuss the potential impact of the green hydrogen boom and cryptocurrency mining on the expansion of renewable energy by 2026. We sincerely hope you like reading, and we eagerly await your insightful feedback.

Srikant Rawat

Chief Operating Officer, Techfastly

Missed an Issue? Subscribe and access our Digital issues anytime. www.techfastly.com

All You Need To Know About

The Renewable Energy Market In 2022 by Bhumika Dutta Nobody is surprised by the non-renewable nature and steady planetary depletion of fossil fuels. To meet the needs of energy deployment, we can instead employ renewable energy from sources that will never deplete or reduce.

Burning fossil fuels results in more emissions than generating power from renewable sources. To prevent climatic disasters, we need to transfer the usage of fossil fuels, which now create the bulk of emissions, to renewable resources.

Renewable energy comes from natural resources that replenish quicker than they are used, like the sun and the wind. We can access renewable energy sources very easily, and in the short and long term, this type of energy offers a huge potential to lower costs and reduce dependency on fossil fuels.

Natural gas, oil, and coal prices have surged considerably faster than those for new solar PV and wind installations, which has reversed a decade-long trend of cost decreases. As a result, renewable power is now more competitive than it was before.

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Renewable energy sources meet around 7% of the world's energy needs. Currently, heating, power, cooling, and transportation all use renewable energy.

From 2021 to 2030,

the market for renewable energy is projected to grow at a CAGR of 8.4%, reaching $1,977.6 billion. The International Energy Agency projects that during the next year, renewable energy will increase in proportion to the total energy consumption of the world, reaching a 12.4% level in 2023.

Understanding the Market Expansion The current global energy dilemma has highlighted the urgency of switching to sustainable energy and the critical role that renewable energy sources play. In 2021, the market for renewable energy remained very healthy. Because of the rapid improvement of technology, the decline in cost, and the increased competitiveness of battery storage, renewable energy sources are currently among the most economical energy sources in a number of industries. Despite supply chain issues, rising delivery charges, and rising prices for necessities such as food and fuel, capacity deployments were still at an all-time high. A total of 13.8 GW of new wind and solar capacity was added in the first eight months of 2021, a 28% increase over the same time in 2020. Numerous municipalities, states, and utilities have adopted stricter requirements for the acquisition of energy storage as part of their ambitious clean energy targets. Most industry sectors are anticipated to see an upsurge in cleaner energy sources in 2022 as an awareness of climate change and advocacy for environmental, sustainability, and governance (ESG) considerations grow.

What are the Newest Trends in the Market? Here are the newest renewable energy industry trends that you must look out for:

Infrastructure Development In 2022, transmission development is anticipated to play a significant role in the renewable energy sector's agenda since it is essential for linking new, sometimes remote-located renewable energy generation to power consumption hubs. Progress, which has frequently been hindered by siting and permission delays, will probably be unlocked with the aid of policy and regulatory support, investment, and innovation.

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Transmission interconnection backlogs are holding up around 844 GW of projected capacity, 90% of which is made up of renewable energy sources or energy storage. This is particularly true for offshore wind, which is expected to see rapid expansion and which has to be integrated with existing coastal infrastructure. The solution to resolving the transmission issue may lie in both expanding the capacity of current lines and constructing new ones.

New Technologies and Business Models The creation of cutting-edge technologies is advancing. A confident incorporation of renewable sources like wind and solar into the power infrastructure may eventually be supported by stakeholders in the renewable energy industry considering investments in them. These innovations can provide zero-carbon electricity, longerterm seasonal electricity storage, lessen system congestion, eliminate renewable energy curtailment, boost reliability, and make it simpler to incorporate solar and wind power into the network in order to accomplish the goals of 100% clean energy. The cost of solar photovoltaic (PV) systems has decreased by 85% over the past ten years, making them one of the most economically competitive energy sources available. The solar sector will probably increase its efforts to look at alternate designs and business models as it exercises its competitive muscles. In 2022, the industry may also investigate expanding solar community projects into new regions as well as hovering solar PV modules.

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Supply Chain Ecosystem Supply chains in the renewable energy sector are expected to continue to develop since earnings have lately declined as a result of pressure on logistical costs and US-China trade tensions. Due to component, raw material, labour shortages, and growing transportation costs, the solar sector was still under pressure in 2021, and prices rose year over year for the first time in seven years. In 2022, US renewable energy developers are anticipated to keep looking for different suppliers, including local producers when they are accessible, re-evaluate their supply requirements, and create alternatives to help ease these constraints.

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How Did Covid-19 Impact the Global Renewable Energy Market? The outspread of the Covid-19 virus in over 180 countries had caused a global pandemic, and has affected nearly every country's economy around the world. The global renewable energy market has been affected as well.

The epidemic had a significant influence on the production of wind turbines in nations like China and Germany. For instance, the German company Nordex SE recorded negative EBITDA of $86.5 million in 2020, compared to positive EBITDA of $21 million the year before.

A significant issue that hindered the expansion of the business was the shortage of spare parts and labour for maintenance caused by the epidemic.

Due to a shortage of workers and social distance protocols, scheduled maintenance became a significant problem for industry participants during the high wind season. The primary markets for both the manufacture of blades and the installation of wind turbines had also been impacted by project delays and order cancellations. Business restrictions, travel bans, and border closures have significantly decreased the demand for energy in transportation and industry, which has resulted in a decrease in the use of bioenergy and other renewable sources.

The choice to invest in both large-scale and small-scale projects currently in development may be postponed or cancelled as a result of recent macroeconomic issues.

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The Future of the Renewable Energy Industry Renewable energy sources and decarbonization technology may be virtually solely responsible for future energy investment increases. To speed up the energy transition, significant investments are needed in all sectors, and predicted returns are very scenario-dependent, particularly in the conventional energy industry. Renewable energy investments are anticipated to account for 37% of all energy investments made globally during the next 15 years, growing by 4% a year until 2035. In all scenarios, it is anticipated that decarbonization technologies would account for more than one-fourth of all investments made globally in the energy industry. Despite their predicted decline in percentage terms from 54% in 2021 to 36% in 2035, investments in oil and gas are expected to remain constant in absolute terms.

The Changing Scenario of

The Renewable Energy Market Post COVID-19 by Rehan Hussain

The widespread death and economic disruption caused by the COVID-19 pandemic has prompted governments and international organizations to proclaim a global state of emergency. In particular, the energy sector has been under intense strain because of the pandemic. The growth of sustainable resources and renewable energy infrastructure to solve such a challenge has shown promise as a viable and successful option.

As things stand,

670 million people will still be without power in 2030, 10 million more than was predicted last year. Short-term policy priorities should be identified, and plans for mid- and longterm action in achieving the well-defined renewable energy targets and progress towards a more sustainable energy future should be formulated to adequately address the effect of COVID-19 on renewable energy development strategies. In this article, the prospects, difficulties, and substantial repercussions of the COVID-19

pandemic on current and future sustainable energy strategies are addressed in depth. Experiences in defining acceptable behaviour, orienting suitable measures, and policy implications on the sustainable energy trajectory are also discussed. To be sure, it's unclear if the COVID-19 pandemic will ultimately prove fatal or teach us an important lesson for the advancement of clean energy sources in the future. 17

Introduction The global spread of COVID-19 has impeded efforts to provide reliable electricity to everyone. There are still 733 million people worldwide who do not have access to electricity, and another 2.4 billion who use unhealthy and environmentally damaging fuels for their stoves. As things stand, 670 million people will still be without power in 2030, 10 million more than was predicted last year. According to the latest edition of the Sustainable Development Goal (SDG) 7 Progress Report, published in 2022, the pandemic's effects, such as lockdowns, disruptions to global supply chains, and the diversion of financial resources to maintain affordable food and fuel prices, have slowed the rate at which this goal is being achieved. Developments have been stymied, especially in the neediest nations and those already behind in energy access. The cost of keeping 18

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over 90 million people in Asia and Africa supplied with power has risen beyond their ability to pay. The Russian invasion of Ukraine has added to the COVID-19 crisis's effects on the energy industry by creating uncertainty in the global oil and gas markets and driving up energy prices in recent months. With 568 million people still living in the dark, Africa has the lowest electrification rate worldwide. Although access shortfalls decreased in most countries, the percentage of the world's population without electricity increased most dramatically in Sub-Saharan Africa, from 71 percent in 2018 to 77 percent in 2020. It was not enough to keep up with the population increase, especially in SubSaharan Africa, even though 70 million more people now have access to clean cooking fuels and technology. However, despite these www.techfastly.com

encouraging global and regional trends in renewable energy, many nations most in need of power have been left behind. This was made worse by the fact that in 2019, foreign financial flows dropped for the second year running at USD 10.9 billion. . Annual worldwide improvements in energy intensity averaged roughly 1.9 percent between 2010 and 2019. That's a long way from where we need to be to achieve SDG 7's goals; to make up for lost ground, the average rate of progress would need to increase to 3.2 percent. Consequently, the worldwide energy demand has significantly decreased due to the slower pace of economic and industrial activities, which has had an impact on the deployment of clean, renewable energy resources. It's time for the renewable energy industry to expand. Amazingly, the renewable energy sector held its own in 2021. Rapid technological advancements, falling prices of renewable

energy supplies, and greater competitiveness of battery storage have made renewables one of the most competitive energy sources in many regions. Capacity installations reached a record high despite challenges in the supply chain, higher transportation costs, and higher pricing for essential commodities. The installation of 13.8 GW of wind and solar capacity in the first eight months of 2021 is a 28% increase over the same period in 2020. A growing number of municipalities, states, and utilities have adopted aggressive clean energy targets, including the expansion of renewable portfolio requirements and the introduction of energy storage procurement mandates. Reversing the upward trend in energy consumption over the previous five years, such a decrease in global energy demand as a result of reactions to the pandemic might be as much as seven times bigger than the effect of the 2008 financial crisis.

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Impact of COVID 19 on The Global Market The spread of COVID-19 has significantly affected the renewable energy market. A lack of market funding and government incentives for renewable energy investment has prompted severe worries among developers. In contrast, sharp downturns in economic activity have caused considerable delays in renewable energy supply chains.

Investments in renewable energy have taken a major hit since the world's energy needs have dropped due to pandemicinduced lockdowns. In particular, the abrupt shutdown has caused extensive disruptions in the worldwide renewable energy supply chain. Also, existing and future renewable energy development would suffer without state and federal renewable energy subsidies. One notable impact of the pandemic on the renewable energy sector was the closure of numerous factories producing wind turbines. The global economy may be negatively

affected by COVID-19. Recent months have seen significant macroeconomic upheaval due to the COVID-19 pandemic, with several nations on the edge of recession. Here are some ways that need to be watched out in the international economy:

Strategies in the Supply Chain Are Always Developing. Profits in the renewable energy sector have been declining as of late due to logistics-related cost constraints and USChina trade concerns; thus it is probable that supply chains will continue to shift. Continuing components, raw material, and labour shortages, as well as increasing transportation costs, kept the solar sector under pressure in 2021, leading to the first annual price rise in seven years. In 2022, US renewable energy producers will likely keep looking for alternate suppliers, including local manufacturers, re-evaluating supply demands and creating replacements to lessen the impact of these constraints. Many solar installers and developers will likely increase their compliance monitoring activity next year as they strive to follow the Solar Supply Chain Traceability Protocol established by the Solar Energy Industries Association. This protocol is designed to track the origin of solar materials and provide evidence that their procurement did not involve any unethical labour practices. 21

Offshore Wind Farms, In Particular, Are Putting a Premium on Transmission Infrastructure. In 2022, the renewable energy sector will likely prioritize transmission expansion, essential for linking new, sometimes distantly placed renewable energy generation to powerconsuming areas. Siting and permitting delays have been a common barrier to development, but policy and regulatory support, investments, and innovation are probable keys to breaking down these barriers. A significant barrier to the expansion of renewable energy sources has been the difficulty in securing regulatory clearance from each state that a transmission project crosses, as well as the rejection of landowners and the hostility of environmental organizations.

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Roughly 844 GW of projected capacity is now waiting in transmission interconnection lines, with 90% of it being renewables or energy storage. This is particularly true for offshore wind, which is expected to see rapid expansion but will only be possible if it is linked to existing coastal facilities. The transmission problem may be solved in part by increasing the capacity of existing lines and in part by constructing new lines. In fact, according to a recent poll by Deloitte, 76 percent of power and utility respondents are either planning or counting on new transmission projects to provide access to renewable energy.

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Increased Focus on Sustainable Energy Innovations of The Future. Next-gen technology is becoming a hotbed of activity. Many in the renewable energy business are contemplating making investments in them so that they can more easily and safely incorporate intermittent renewables like wind and solar into the grid. Commercialization of new technologies like green hydrogen, enhanced batteries, and other types of long-duration storage might be accelerated with the aid of private investment and pilot projects, in addition to government research funding, in an industry that has mostly concentrated on solar and wind. Supporting 100% clean energy targets, these technologies may deliver zero-carbon power and longer-term seasonal electricity storage, reduce system congestion, prevent renewable curtailment, improve dependability, and make it easier to integrate solar and wind into the grid.

Roughly 844 GW of projected capacity is now waiting in transmission interconnection lines, with 90% of it being renewables or energy storage

The Impact of Russia- Ukraine War Ukraine's situation can significantly alter the appearance of the renewable energy sector in the post-Soviet environment. Russian power-generating firms are preparing for the effect of unprecedented Western sanctions as Ukrainian power-generating companies struggle to keep their facilities functioning amidst the ongoing fighting. The Russian invasion of Ukraine will devastate the country's economy, which is projected to shrink by 45 percent in 2022. Fewer than 5% of the energy mix came from renewable sources before the crisis. The government of Ukraine, however, has committed to obtaining 25% of its energy needs from renewable sources by the year 2035. The focus is now on maintaining the current capabilities.

The renewable energy industry stands to lose € 1.115 bln, or 80% of its earnings, due to ad hoc policy changes in the power market after February 24.

From a Financial Perspective

Harsh Tariffs

Due to a shortage of finances in the electrical market, RES payments were slashed at the end of March, with solar power plants receiving 15% of the feed-in tariff and wind power plants receiving 16%. Kozakevich warned that "RES may be on the point of bankruptcy" as a result of curtailments and subsequent downtime but that the situation may be ameliorated to some extent by the export of green power to the EU, which is not yet operational.

Logistics instability and massive uncertainty had plagued Russia's renewable energy sector since early March, when Western sanctions began impacting.

Ukraine has the potential to become a carbon-neutral energy provider to the EU as the EU decreases its reliance on Russian fossil fuels, he said.

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Since the Ukraine crisis began, Western companies have been fleeing Russia in droves. According to a study conducted by Yale University, as of this writing, approximately one thousand international enterprises have ceased operations in Russia. Zhikharev acknowledged that major international companies are exiting the Russian renewable energy sector and that there is a risk of an inability to access information technology infrastructure built with foreign software.

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Key Players in The Renewable Energy Market Market At Present By 2027, the installed capacity of renewable energy sources is expected to reach almost 4800 GW, growing at a compound annual growth rate (CAGR) of 7.63 percent (20222027). The growth of renewable energy suffered a major setback because of the COVID-19 pandemic. Due to the worldwide economic slump in 2020, governments and private players invested little in the sector. The International Energy Agency (IEA) reports a 10% drop in investment from 2019 to 2020. The renewable energy industry is anticipated to benefit from supportive government policies and rising renewable energy adoption due to the decreasing price of solar panels, wind turbines, and their installation.

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Most of the Industry's Growth Will Be in The Hydropower Sector Electrical power is generated from the potential energy of water as it flows from higher to lower elevations, making hydroelectric power (hydropower) a renewable energy source. Clean water from hydropower projects benefits agriculture, households, and businesses while reducing the destructive effects of floods and droughts. When it comes to renewable energy, hydropower is by far the most prevalent. In 2020, hydropower contributed the most to worldwide renewable-based energy generation, with 4,399 terawatt-hours (TWh)

of electricity generated. Hydropower's global installed capacity reached 1,328 GW in 2020, up 1.53 percent from 2019 but below the expected 2.0 percent yearly increase needed to satisfy the Paris Agreement's objectives. According to the International Hydropower Association, increasing global hydropower capacity by 25% by 2030 and by 60% by 2050 may be necessary to restrict the global temperature rise to below 2° Cover preindustrial levels. The International Hydropower Association (IHA) and the International Renewable Energy Agency (IRENA) joined forces in February 2021 to promote hydropower's long-term viability. Sustainable hydropower funding, development, and deployment will be prioritized as part of the partnership's shared goals.

Asia and the Pacific Will Dominate the Market The market for renewable energy sources has been growing rapidly across Asia and the Pacific in recent years. During the anticipated period, it is expected to continue to dominate. After 2021, China will have installed more renewable energy capacity than any other country. With a rise of almost 17.9% over the previous year, the United States' total renewable energy capacity reached 894 GW in 2020. The country relies mostly on hydropower, solar, and wind for its renewable energy needs. India's growing economy and population necessitated a corresponding growth in the country's need for electricity. By FY 2022, the Indian government plans to have installed 175 GW of renewable energy capacity, with a focus on solar (100 GW),

wind (60 GW), bio-power (10 GW), and small hydropower (5 GW). Additionally, in 2022, the Indian Ministry of New and Renewable Energy anticipates a USD 15 billion investment in renewable energy, electric cars, solar equipment production, and green hydrogen. As a result of these trends, Asia-Pacific is poised to become the leading region in the renewable energy industry over the next years.

Drivers of Growth for The Renewable Energy Market An unprecedented level of government spending has just been revealed worldwide. Government stimulus plans provide a once-in-a-generation chance to ensure that the essential job of creating a reliable and sustainable energy future is prioritized above all others. Long-term capital providers, and market actors, including investors and financiers, now have the opportunity to speed up and expand their involvement in the renewable energy area, thanks to the present crisis. The industry's dedication to utilizing cleaner energy and corporate and government pledges to minimize renewable energy and carbon emissions remain unchanged. More people will look to other energy sources due to the decline in the price of crude oil. Credits for filing taxes are frequently extended at the eleventh hour. Investment businesses, insurance corporations, and pension funds are more likely to back initiatives with affordable initial capital outlays.

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Given the current crisis, renewable energy's decentralized nature makes it a potentially feasible source. Increased employment from renewable energy projects like solar and wind power will help advance eco-friendly, low-carbon economies. When intervening in the raw materials supply chain, it is important to ensure the security and stability of related processes, resources, assets, supply networks, and markets. Additionally, guarantees the availability of raw materials, transportation, and the smooth functioning of production facilities. Reduce the economic crisis's severity, the recession's length, and the dangers connected with it via swift action. Developers are responsible for identifying the supply chain's weak links, which may cause substantial operational or financial challenges. Furthermore, it is the investor's responsibility to determine the most suitable other courses of action.

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Reforms to the global economic and administrative systems are required in the postCOVID age to hasten the expansion of GDP and renewable energy sources. In order to prevent a further worsening of the impending energy and economic catastrophe, governments should take immediate, concrete action. A comprehensive recovery strategy that integrates green transition and digital transformation is critical for sustainable growth. There is a pressing need for a new growth strategy that can simultaneously boost economies, provide employment opportunities, and expedite the green transition at a reasonable cost.

Make the transition to renewable energy and international obligations a top priority: World economies should not give up on their longterm aspirations to increase their use of renewable energy just because of certain short-term difficulties. In order to implement a wide range of options, governments should pursue a clean energy transition. At COP26, countries should work together to present their most ambitious plans for reducing greenhouse gas emissions. The only way for emission reductions to be real and longlasting is if governments and corporations follow through on their promises. Cooperation and education on environmental sustainability are also crucial. Greenhouse gas reduction and carbon footprint management are two ways to improve public health and ensure environmental sustainability.

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The Renewable Energy Sector Cannot Flourish Sustainably Without the Circular Economy As the lifespan of early installations in the renewable energy industry comes to an end in 2022, the focus will likely shift to EoL management plans for equipment and materials in the sector. This has the potential to reduce waste, improve resource safety, create financial value, and boost credibility as a sustainable business. Waste production in the renewable energy sector is predicted to skyrocket as solar, wind, and battery installations reach new heights. It is estimated that by 2030, the United States would have to recycle 80 metric kilotons of lithium-ion batteries (LiBs) and 1 million tons of trash from obsolete PV modules. Politicians, regulators, and industry insiders are actively looking for ways to extend the useful life of goods and materials while also improving their performance, recovery, and repurposing. Given the widespread use of batteries, there is a compelling argument for establishing a circular economy for this resource, which necessitates more coordination across various sectors and between enterprises and government. Reusing LiBs from EVs in other systems like energy storage is a growing business. Battery recycling and reuse legislation are still in the works, and financial incentives are needed to entice private sector participation.

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Conclusion The renewable energy sector will be able to explore new avenues for expansion in the next year, despite the presence of certain obstacles. Against the background of possibly favourable policies from an administration focused on combating climate change, the business will certainly seek new channels. With the help of investors and Department of Energy (DOE) initiatives, next-generation renewable energy technologies are progressing toward commercialization. Since these technologies may be used to a wide variety of scenarios and facilitate the incorporation of renewables, they have gained considerable traction. To maintain its position at the forefront of the energy resource race, the solar power industry will likely keep looking for innovative methods to generate revenue, such as growing the solar-plus-storage sector. At the same time, new horizons for solar development in the United States may be marked by state expansion of community solar programs and tests with floating solar PV projects. Investment in wind, solar, battery, and EV supply chains; green hydrogen; long duration energy storage; transmission; and other sectors crucial to renewable energy development will be monitored going ahead as well. Finally, the pandemic allowed us to transition to a new paradigm that has less impact on the environment: the digital economy, knowledge economy, sustainable economy, and industry 4.0.

Carbon Markets

The Solution to a Sustainable Future in the Face of Climate Change by Umar Nabi

Carbon Markets enable countries to price carbon emissions and stimulate businesses to invest in greener energy generation The world is changing, and with it, the way we produce and consume energy. Fossil fuels are becoming a thing of the past as countries worldwide begin to invest in renewable energy sources. This shift away from traditional forms of energy production has led to the creation of carbon markets. Carbon markets are an essential instrument in combating climate change. They enable countries to price carbon emissions and stimulate businesses to invest in greener energy generation. Carbon markets can be voluntary or mandatory and are essential to the global effort to reduce greenhouse gas emissions.

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The most common type of carbon market is a Cap-and-trade system, where the number of emissions it might be released into the air as a whole is restricted by the government or has a "cap." Companies or entities that exceed their emission limits must purchase allowances from those who have emitted less than their allotment. The price of allowances is controlled by market supply and demand.

Key Statistics of Carbon Markets:

As of June 2020, there were over 200 participants in carbon markets worldwide.

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Over 60% were national governments, and 30% were sub-national governments among those participants.

The remaining participants belonged to various divisions, businesses, nonprofit organizations, and individuals.

The total value of all carbon credits traded in 2020 was estimated to be $176 billion, which is a significant increase from the $140 billion traded in 2019.

Which Countries Are Leading in Carbon Markets?

How Do We Ensure And Track Carbon Reductions?

The European Union leads the world in carbon markets, with its Emissions Trading System (EU ETS) accounting for nearly 60% of all traded credits. The EU ETS covers approximately 11,000 power plants and factories, making it the largest carbon market in the world.

To ensure that businesses are bringing down their emissions, it is essential to have a process of reducing carbon emissions, which is not an easy task. Here are the top few methods of reducing carbon emissions.

Other countries with well-developed carbon markets include Australia, Canada, China, New Zealand, and the United States. These countries have implemented mandatory emissions trading schemes that to cover a significant portion of their economy. Several additional countries have begun to create carbon markets in recent years. These include India, Brazil, South Korea, and Japan.

While these markets are still in their early stages of development, they hold promise for reducing emissions in some of the world's largest economies.

The first method is to use energy more efficiently, which can be done by using energy-efficient appliances, lighting, and insulation.

The second method is to switch to renewable energy sources by installing solar panels or wind turbines.

The third method is to plant trees. Trees release oxygen while absorbing atmospheric carbon dioxide, which helps counteract greenhouse gas emissions.

The fourth method is to encourage people to walk or use public transport instead of driving whenever possible. This reduces not only emissions but also improves air quality.

The fifth method is to compost organic waste instead of sending it to landfills. This helps reduce methane emissions from decomposing organic matter.

Carbon markets generate revenue that can be used to fund climate change mitigation and adaptation projects. 38

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Benefits of a Carbon Market Carbon Markets Provide Flexible Ways to Reduce Emissions One of the main benefits of carbon markets is that they provide flexible ways to reduce emissions. This means businesses can choose how much they want to reduce their emissions and purchase permits accordingly. This flexibility makes it simpler for businesses to meet emission reduction targets.

Carbon Markets Create Jobs Another benefit of carbon markets is that they create jobs. To set up a carbon market, businesses need to hire people to manage the market and trade permits. These jobs are often high-paying and help to boost local economies.

Carbon Markets Generate Revenue Finally, carbon markets generate revenue. This revenue can be used to fund climate change mitigation and adaptation projects. It can also support businesses struggling to meet emissions targets. In the long run, this revenue will reduce the cost of climate change.

Policies and How To Get Them Adopted? As the earth warms, the repercussions of climate change intensify every year. Various policy mechanisms can be used to establish carbon markets. Below are some examples of policies that could be adopted:

Establishing A Price On Carbon: One of the essential policy measures for establishing a functioning carbon market is putting a price on carbon. This can be done through either a tax or an emission trading system (ETS).

Creating Incentives For Participation: To encourage entities to participate in the carbon market, policymakers can create financial incentives, such as tax breaks or subsidies.

Regulating Greenhouse Gas Emissions:

Building Capacity And Expertise:

In addition to pricing carbon, another essential policy measure for establishing a carbon market is regulating greenhouse gas emissions. This can be done by setting limits (caps) on emissions and mandating that emitters participate in the carbon market.

Another essential policy measure for supporting the development of carbon markets is building capacity and expertise. This can be done through training programs, technical assistance, and research and development initiatives.

Policymakers must carefully consider the policies most appropriate for their country or region to establish a booming carbon market. However, it's as crucial to remember this. No single policy measure is likely sufficient on its own; a comprehensive approach that includes several policy measures is likely to be most effective. 40

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Few Examples of Existing Carbon Markets Around The World

The first and most extensive global system for pricing greenhouse gas emissions is the European Union Emissions Trading System (EU ETS). More than 11,000 industrial and electricity facilities are covered by the EU ETS, which is responsible for over half of all emissions within the EU.

In 2012, California launched its carbon market, linked to the EU ETS – making it the first US state to do so. The California cap-and-trade program currently covers approximately 85% of California's greenhouse gas emissions.

Ontario has also linked its carbon market to the EU ETS – making it the second Canadian province to do so. The Ontario cap-and-trade program currently covers approximately 75% of Ontario's greenhouse gas emissions.

The US's first obligatory, market-based initiative to lower greenhouse gas emissions is the Regional Greenhouse Gas Initiative (RGGI). Nine US states are working together to create RGGI in the Northeast and Mid-Atlantic.

Conclusion The development of carbon markets is essential in the fight against climate change. These markets provide a mechanism for pricing carbon and generating revenue that can be used to fund climate mitigation and adaptation projects. However, to be effective, carbon markets must be supported by comprehensive government policies. There are many examples of existing carbon markets around the world, and it is essential to learn from these experiences to inform the development of future markets. Carbon markets can significantly reduce greenhouse gas emissions and mitigate the effects of climate change with the correct laws in place. 41

Legal and Regulatory Objectives for

Carbon Capture, Utilization, and Storage (CCUS) by Toulika Das

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The term CCUS, or carbon capture, utilization, and storage, is a crucial technique for reducing emissions that can be used across the energy system. Carbon dioxide (CO2) from fuel combustion or industrial processes is captured via CCUS technology, transported by ship or pipeline, and then used as a resource to produce valuable goods or services or permanently stored underground in geological formations.

Advantages of CCUS Generating More Power Power production turbines may operate more effectively if CO2-based steam cycles, in which CO2 is pressured into a supercritical fluid, are used. These cycles could facilitate heat transfer and need less energy to compress steam. Additionally, it is possible to produce sustainable geothermal energy by using geologically stored CO2 to harvest geothermal heat from the same regions it introduces.

Increase the Fuel Technically, CO2 can be changed into a fuel. There are other ways to do this, but they are challenging in terms of cost and effort.

When the CO2 comes from bio-based processes or straight from the atmosphere, CCUS technologies also lay the groundwork for carbon removal or "negative emissions."

Support Production Processes We can use CO2 to generate chemicals and plastics, including polyurethanes, which make soft foams like those found in mattresses.

Increase Employment More qualified technicians would be required to oversee CCS operations if more of them were implemented.

Enriched Concrete Infrastructure durability is boosted by strengthening concrete with captured CO2.

Why Does CCUS Need Legal Frameworks? In order to manage risks at different points in the supply chain and support technological investment, the innovation of the carbon capture, utilization, and storage (CCUS) supply chain will necessitate the foundation of regulatory and legal power, both at the international and domestic levels. The regional and domestic regime has been recognized within this regulatory and legal framework as a critical element that may help or hinder the development of a largerscale CCUS supply chain. As a result, governmental support for CCUS has been given in several nations and regions that serve as both carbon dioxide sources and sinks. The kind of role that CCS laws and regulations play in stakeholder engagement will, to a large extent, depend on the jurisdiction in question and be influenced by the following factors: stakeholder consultation procedures connected to planning and environmental impact assessments; stakeholder participation cultures; general legal environments; and, of course, the content of pertinent legal provisions. However, international case studies illustrate how legislation may affect engagement.

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Regulatory Procedures of CCUS The International Energy Agency (IEA) views carbon capture and storage (CCS) as a critical component of international efforts to minimize greenhouse gas (GHG) emissions and thereby control global warming. According to the IEA, the widespread adoption of low-carbon energy technologies can cut emissions to a level consistent with a two degree celsius rise in the global temperature; in this case, CCS would account for around one-fifth of the reductions in emissions. However, to achieve that target, over 100 CCS projects must be implemented by 2020 and over 3,000 by 2050. Policies that boost demand and cut prices will be necessary to advance CCS, as stated in the Special Report on Carbon Dioxide Capture and Storage from the Intergovernmental Panel on Climate Change. Policies like carbon pricing, public investment and subsidies, and clean energy standards that reward businesses producing electricity or other energy sources using CCS can lower the cost of CCS and promote research, innovation, and deployment. The IEA created the IEA International CCS Regulatory Network (Network) in 2008 as a venue for knowledge exchange among regulators and policy-makers to ensure that regulatory frameworks, or an absence thereof, do not unduly inhibit ecologically sound demonstration and deployment of CCS. Some of the steps to regulate CCS include:

Determining the motivation for the creation of the CCS framework

Gaining knowledge of how current regulatory frameworks address CCS-related issues

Deciding whether to alter existing regulations or create new, specific legislation

Potentially analyzing suggested regulatory strategies

Forty million metric tonnes of CO2 can currently be captured annually by plants that are operating or being built

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The Current Status of CCUS Worldwide

Business Dynamics

Forty million metric tonnes of CO2 can currently be captured annually by plants that are operating or being built, according to the Global CCS Institute's 2021 Status Report. CCS stands for Carbon Capture and Storage. (To put this in perspective, the US or the United States released more than 5 billion metric tonnes of CO2 in 2019). Thirty-one commercial CCS facilities are active or under construction across the world. According to the map below, there are ten commercially active facilities in the United States alone.

The prices and actions of the Global Carbon Capture, Utilization, and Storage (CCUS) Market stakeholders are influenced by market dynamics. Pricing signals are produced when the supply and demand curves for a particular good or service alter due to these pressures. Both macroeconomic and microeconomic issues may be related to forces of market dynamics. Other than pricing, demand, and supply, there are different dynamic market dynamics. Emotional reactions can also affect the market, how people make decisions, and signal price changes. Decisionmakers try to determine the best approach to use different financial tools to stem various methods for accelerating growth and lowering risks when market dynamics affect supply and demand curves.

102 CCS facilities were either fully developed or planned in 2021. When combined with existing or existing facilities, these facilities may absorb 149.3 million metric tonnes of CO2 annually. There are 135 CCUS projects planned for the world as of September 2021, 27 of which are already up and running, according to the Global CCS Institute (GCCSI). In the first nine months of 2021, 71 new projects were introduced. In each location, there have been 36 initiatives started, including 8 in the US, 5 in the UK, 4 in the Netherlands, and 36 in Belgium.

CARBON CAPTUR Different Countries With Their Contrasting Visions of CCUS A few nations currently have elaborate legal and regulatory structures for CCUS. These provide an invaluable knowledge base for the growing number of countries that have acknowledged the importance of CCUS in achieving their climate goals but have not yet created a legal framework for it, specifically for CO2 storage. In addition, as more commercial CCUS initiatives are established, current frameworks are also being tested more frequently, providing regulators with valuable lessons. The inherent interest indicator (CCS-CI) calculates a country's relative economic dependency on fossil fuels using a variety of statistics on demand and output for fossil fuels. The highest reliance on fossil fuels and the highest CCS-CI ratings are shared by nations that produce and use the most fossil fuels, including Australia, Canada, China, Germany, India, Indonesia, Russia, and the United States. For these countries to safeguard their economies from any potential adverse effects of pursuing significant emission reductions, CCS is essential. Mexico, Brazil, the Republic of Korea, and Poland are among the countries that perform well in the CCS-CI. To resolve the conflict between emission reduction and their current 50

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reliance on fossil fuels, CCS is crucial for these countries. The nations with strong CCS-CI scores but low CCS-RI scores are mainly concerned. These countries, whose economies are strongly dependent on fossil fuels and include India, Indonesia, Russia, and Thailand, have made very few preparations for implementing CCS. As a result, they are most in danger of experiencing severe economic harm as the need to decrease emissions develops.

Only five nations—Australia, Canada, Norway, the United Kingdom, and the United States—are ranked in the highest index category. These five countries have developed supportive policy frameworks, comprehensive legal and regulatory frameworks, detailed and targeted storage assessments, and other actions to lower domestic barriers to CCS. China, Denmark, Germany, Japan, and the Netherlands are among the other countries that performed well in the Index and have made significant progress toward CCS preparedness.

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RE AND STORAGE

Future Expectations Concerning Legal & Regulatory Policies for CCUS Technologies for carbon capture, utilization, and storage (CCUS) are expected to be crucial in moving the world's energy system toward net zero emissions. The Global Carbon Capture, Utilization, and Storage (CCUS) Market is anticipated to reach USD 9.43 Billion by 2027, thus rising at a compound annual growth rate or CAGR of 27.14 percent from its estimated value of USD 2.84 Billion in 2022. The creation of legal and regulatory frameworks is necessary for the proper management of CCUS operations, the safe and secure storage of CO2 as well as the successful deployment of CCUS. The objective is to support the involvement of national governments and international corporations with the knowledge and resources to help CCS technology. Governments should ensure the relevant agencies have the funding necessary to fulfil their regulatory obligations. They must be outfitted with enough funding, personnel, and knowledge to manage CCUS implementation regulations.

How Can Digital Technologies Help Track Carbon Emissions and What Role Does It Play to Alleviate Renewable Energy? by Aftab Alam

The Earth is on the verge of reaching tipping points in its life support systems. When this happens, self-reinforcing loops begin, which might lead to a 'Hothouse Earth' condition. Nonetheless, we

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still have a chance to keep global temperatures under check. To achieve this, greenhouse gas emissions must peak by 2020 and then decline substantially - by 50% per decade: this is known as the carbon law.

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Energy, industry, buildings, transportation, food, forestry, and agriculture all have solutions. In society, the gap between science and knowledge has virtually closed. Now we must bridge the gap between comprehension and action. We need rapid scaling and exponential climate action now, not incremental improvements.

How May Digital Technology Aid in

Reducing World Emissions By 15%? Connectivity will be a critical facilitator for many of the exponential climate solutions, if not the majority. The recently released 'Exponential Climate Action Roadmap' investigates how to implement the carbon law throughout all critical sectors of the global economy. The digital technology industry is likely to be the world's most significant influencer in hastening action to keep global temperatures well below 2°C. The digital industry is already on pace to reduce its own emissions, which account for 1.4% of world emissions, and it has the potential to cut global emissions in half by 2030 while generating an exponential growth in data performance. The internet industry may potentially play a significant role in increasing demand for 100% renewable energy. The Exponential Climate Action Roadmap states that through solutions in energy, manufacturing, agriculture, and land use, services building, transportation, and traffic management, digital technologies could already contribute to a reduction in global carbon emissions of up to 15%, or one-third of the 50% reduction necessary by 2030. This is greater than the existing carbon footprints of the EU and the United States combined. However, it is through the Fourth Industrial Revolution - namely 5G, the Internet of Things (IoT), and artificial intelligence (AI) - that the digital industry will be able to accelerate the speed of transformation.

5G paired with AI has the potential to make our society and economy drastically more efficient and sustainable, with sensors in industries, smart cities, farms, and our homes.

For Exponential Advancement, We Need Exponential Technology Exponential technologies have a steady increase in production per size or price. The silicon chip is a famous example: from the mid-1960s, the power of computer processors has doubled every 18-24 months while the price has half (according to Moore's Law, which inspired the Carbon Law). 5G is the next generation of exponential technology. It marks a significant advancement in mobile technology, with data rates that are 10 to 100 times faster than 4G. However, the advantages of 5G go well beyond speed. It has ultra-low latency, higher dependability, tighter security, and reduced energy usage.

previous two years. In China, Shenzhen's bus fleet of 16,000 buses is all-electric, and taxis are on the way.

According to the newest Ericsson Mobility Report, the number of cellular connections will reach 4.1 billion by 2024, more than double earlier forecasts. 5G paired with AI has the potential to make our society and economy drastically more efficient and sustainable, with sensors in industries, smart cities, farms, and our homes.

Within the industry, Ericsson, Telia, and Einride are developing a connectivity-based 5G solution that might lead to an exponential change in public road short-distance transportation.

To demonstrate this, consider one of the industries listed in the roadmap: transportation. Transportation contributes to 21% of world emissions, with short trips accounting for 73%. Several technologies are currently convergent, ensuring that the transportation sector suffers its most drastic shift in a century.

The true game changer, though, will be electric and autonomous automobiles and trucks. 5G is a critical technology in this field for safety, efficiency, and dependability. Driverless cars will hasten the move away from vehicle ownership and toward mobility and transportation as a service. This means that fewer people will own cars, preferring to order shared trips from autonomous electric vehicles or use a driverless bus.

The idea is based on Einride's T-pod, an autonomous vehicle that runs continuously, and it intends to make all road freight transportation electric. A sustainable and cost-effective approach like this may replace more than 60% of today's transportation footprint. According to Einride, the CO2 reduction potential per pallet of freight when switching from diesel to electricity is 90% in nations with a low-carbon energy mix, such as Sweden. It will also lower dangerous NOx and ultrafine soot particle emissions.

All major vehicle and truck manufacturers have disclosed electrification intentions in the

Eddy covariance systems consist sonic anemometer scientific tower station research gas analyzer wind carbon dioxide gas fluctuations.

The grand challenge for mankind is to guarantee that new technologies serve a clear purpose for our planet and all of its inhabitants. Next Generation of Exponential Technologies To cut emissions in half by 2030, we must optimize technologies at various stages of development. Cloud computing, firstgeneration industrial automation, and 3G and 4G mobile networks, among other things, are already laying the groundwork for significant efficiency benefits. Then there is 5G, AI, IoT, and drones, all of which rely on connection and bring up entirely new possibilities. With the correct legislative frameworks in place and strong climate leadership, these technologies will play an essential role in transitioning society to a circular and lean economy focused on increasing service value while decreasing waste and pollution.

Taken as a whole, this will necessitate a global economic change and climate leadership at all levels from cities, governments, and companies. The global economy is already being transformed by digitalization, which is unleashing enormous forces in every industry. As we go deeper into the Fourth Industrial Revolution, there is mounting evidence that exponential discoveries in both information technology and biotechnology have the potential to provide a more sustainable and prosperous future for everybody. We can develop exponential momentum and make the Carbon Law a reality if we embrace an integrated framework for sustainable innovation within planetary limitations for people and the planet.

Digitalization's Role in Easing the Challenges Associated with Renewable Energy The advent of major technological players facilitated a significant rise in the production of renewable energy. For their affiliates that are spread around the globe, these players buy renewable energy. For instance, during the past several years, corporations in the information and communication technology sector have procured a significant portion of the world's corporate renewable energy.

The switch to renewable energy brought about additional difficulties and raised the price of power. 58

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With the rise in electricity production from renewable sources, the number of devices connected to the renewable energy grid increased significantly. The IoT application has seen the most growth among digital technologies, primarily due to new technology standards like 5G. Additionally, for the subsectors of the wind and solar business, the task of enhancing supply stability has expanded dramatically. Greater predictability and independence from weather conditions, integration with current energy systems, and energy storage from renewable sources were the most frequent problems addressed by the solar and wind energy industries.

Forecasts for insulation were created using satellite data, and a more effective design of whole wind and solar energy systems was made possible using LIDAR and satellite mapping technologies. Additionally, with the adoption of new sensors with a greater degree of control, the volume of data given by wind turbines and photovoltaic (PV) systems was dramatically expanded, which translated into increasing demand for analytical solutions in the wind and solar energy business. Another significant worry for the wind and solar energy industries was the problem of energy storage. It was necessary to construct

expensive and big batteries to store wind and solar energy because, despite advances in battery technology, batteries were still particularly expensive and large. The massive storage of renewable energy can, however, lead to a rise in carbon dioxide emissions, according to recent studies. The problem of energy storage may be solved by using adaptable renewable energy storage systems, AI algorithms, and more effective analytical tools for the real-time management of energy systems. Further, the digitization of energy management may reduce transmission losses and hence minimize prices.

Is Greenwashing A Social Problem? Everything You Should Know About It by Yash Modi

In commercial promotion, businesses and companies of all sorts are beginning to employ the term "sustainable." Moreover, organizations are becoming more eager to highlight their commitment to the environment, whether that be through the production of ethical cotton t-shirts or "ecological" vehicles. This appears to be excellent news. Since the climatic problem is the most significant threat to humanity's survival, shouldn't we be happy that businesses are promising to lower their carbon footprints? Sure, but not if they're greenwashing, of course. Greenwashing is an organization's attempt to present itself as being more ecologically responsible than they actually are.

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The term "Whitewashing" and the colour green are put together to create the phrase. A firm that generates a significant amount of pollution or engages in environmentally harmful practices may attempt to portray itself as environmentally friendly in order to enhance its brand persona. They might implement "green" initiatives like tree plantation or upgrading the energy efficiency of their building to achieve this. However, these initiatives usually have no meaningful contribution to the environment and are merely smoke and mirrors.

These initiatives usually have no meaningful contribution to the environment and are merely smoke and mirrors.

Businesses commonly use organic, ecological, sustainable, and environment-friendly terms, yet greenwashing has practically rendered them pointless.

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What is Greenwashing? When a brand's marketing pitch conflicts with its own practices, this is known as "greenwashing." Through its promotion, the business usually makes the claim that it is beneficial to the environment. However, in contrast to the company's actions' damaging effects on the environment, its real-world involvement is futile or negligible. Businesses commonly use organic, ecological, sustainable, and environment-friendly terms, yet greenwashing has practically rendered them pointless. It appears that businesses are now using terminology like this without implying anything specific. It's merely a checkbox practice. Environmental activist Jay Westerveld first used the phrase "greenwashing" in 1986 when

he criticized the absurdity of the "saves the towel" initiative that was then taking place in hotels. He observed the enormous quantity of trash he had encountered throughout the whole hotel area, where no apparent indicators of attempts to be more sustainable were there. Actually, he claimed, the hotel was merely attempting to cut expenses by washing towels less frequently, all the while trying to advertise itself as being environmentally conscious. Greenwashing has become such a significant issue in many nations that the administrations have been forced to intervene. For example, the Swedish Marketing Act mandates that businesses make truthful statements and provide evidence of any environmental advantages.

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Types of Greenwashing

Misleading Picture

This kind of "greenwashing" occurs when companies put greenery, trees, wildlife, and other natural elements on their product labelling or advertising. The majority of plastic water bottle labels feature images of luscious hills or clear streams.

Irrelevant Claims

When businesses make claims that appear to be environmentally beneficial but are actually wholly irrelevant to the topic at hand, a deodorant manufacturer proudly declares on the container that every item in their line is CFC-free. But CFCs have been outlawed, and every brand is obligated by law to be CFC-free.

Clickbait

Overstatement

In greenwashing, the term "clickbait" means when a business or individual attempts to deceive consumers into generating revenue. In order to accomplish this, items are frequently labelled as "natural," "recyclable," "degradable," "approved," etc., even though they aren't.

Showcasing a minor action you took as proof that your company is concerned about the environment. This is a tricky issue because even a small effort can lead to bigger ones. Large-scale carbon emitters, however, seem to use little good efforts as a marketing ruse.

What is Greenwashing in Marketing? When a company presents facts about a product or service in a manner that leads customers to assume it is good for the environment, this practice is known as "greenwashing" in marketing. To prevent being taken advantage of, consumers today have to be exceptionally knowledgeable regarding how this promotional strategy operates. It is a marketing tactic that makes fictitious statements about being environmentally sound in order to draw customers and boost profit margins. So, the merchant makes an unsupported claim that the item is sustainably produced and environmentally friendly in an attempt to mislead the client. Product lines are

"greenwashed" by changing the name, "rebranding," and "repackaging," which presents them as being more healthy, naturally sourced, sustainably produced, organic, and good for the environment. This attracts more customers and gives the company a good reputation by positioning it as being concerned about environmental issues. Greenwashing is fundamentally all about deceit. For example, arranging an engaging show in one area in an effort to divert attention from the critical issues. Unfortunately, individuals concerned for the environment are typically the ones who fall for this.

How Does a Company Greenwash? Management teams and advertising agencies can go to tremendous measures to deceive the general public about their goods, service, or business procedures. Several examples of corporate greenwashing are provided here.

Unfounded Claims For example, a business can claim that an item is "sustainably sourced" yet not be able to disclose details regarding how it was acquired or why it came to this conclusion.

Distorted Information is Presented Think about an oil and gas firm that claims that the 5-year pattern in its emission is decreasing. Yes, indeed, it's wonderful. However, it only records the scope one emission (those generated by the company directly) and ignores the downstream consumer's ultimate combustion of that oil.

Discrete Trade-offs A company might highlight the use of recyclable materials in an item's production (or packaging), but they might not specify that the product came from a provider with a background of forced labor or other ethical concerns.

The Red Herring Although the primary product is still harmful to the environment, a small portion of it is made eco-friendly. The businesses capitalize on the overall product using that minor ecofriendly element. Another example of similar greenwashing is when a corporation just uses recyclable packaging for an item while the item is not sustainable.

Bait and Switch Despite selling and producing a large number of otherwise comparable items that do not share the same environmental features, a corporation heavily promotes the sustainable benefits of one particular product. 66

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Greenwashing Examples

Following are some of the major instances of greenwashing:

GreenPan

GreenPan is one of the most notable instances of greenwashing. People looking for goods with clean and eco-friendly credentials are drawn to them just by the title. It's a company with a Belgian origin and a global reach. According to the company's site, their ceramic kitchenware is environmentally friendly because it emits 60% less CO2 in production. The claims are wide and unreasonable in accordance with FTC regulations. A class action suit has been brought against the company on the grounds that its environmental promises are similarly false.

Fiji water

Fiji Water is one of the most popular Canadian-origin products available on the market. A lawsuit was brought against the business in 2011 for using fraudulent advertising campaigns. The business was promoting a success that hadn't yet occurred. The business was forced to inform the media that the carbonnegative qualities won't be realized until 2037. 67

Nestle

The well-known company Nestle has used "sustainably sourced cocoa beans" in their ads. A class action suit charging the company with making up false perceptions was brought against it in 2019. West Africa was the origin of the items' raw ingredients, which resulted in deforestation. Additionally, cocoa was bought from plantations that commonly used child labour.

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Volkswagen

Volkswagen is a German car manufacturer with a global reach. The business acknowledged manipulating millions of its diesel engines. The engines were damaging the environment much more than the legal limitations established by the governing organizations. The manufacturer developed tools to manipulate the emissions rate during the testing. www.techfastly.com

What Are the Companies Accused of Greenwashing? Despite making up a very small portion of their business, fast fashion manufacturers also have a practice of heavily publicizing their sustainability efforts. For instance, H&M introduced its own range of "green" apparel in 2019 under the name "Conscious." The business states that it uses recycled polyester and "organic" fabric. However, this line is only being utilized as a marketing gimmick to seem more ecologically conscious.

McDonald's Starbucks As part of their environmental initiative, Starbucks introduced a "straw-less lid" in 2018, yet this lid had many more plastics than the previous lid combined with straws. However, the business asserted that it was comprised of polypropylene, a widely recognized recyclable material. The corporation shouldn't presume that each of the lids will be recycled, critics have pointed out because only 9% of the world's plastic gets recycled.

McDonald's has worked long and hard to seem moral, from building a solar-powered outlet in the UK to presenting inaccurate statements about Canadian meat that was obtained sustainably. It was criticized recently for proposing a strategy to achieve net zero by 2050. McDonald's beef source and carbon pollution are the underlying problems with the company.

Fast Fashion Companies H&M and Zara Several businesses, like H&M and Zara, have been exposed to greenwashing over the decades. These garment companies add to the enormous volumes of textile waste the apparel business generates. Only 20% of old or abandoned textiles are recycled or repurposed internationally. The other 80% are either burnt or landfilled. 69

Why Is Greenwashing a Social Problem? The main problem is that businesses can claim they are acting responsibly while yet influencing our climate changes. There isn't much they can do to prevent them from intentionally destroying the world while greenwashing. We are all skeptical as a result. Which businesses engage in "greenwashing" and which genuinely work to lessen their carbon footprint? Due to the misunderstanding, several businesses have refrained from highlighting their admirable efforts for fear that they'll be accused of greenwashing. We must examine intentions as consumers and look for hidden meanings. But it's challenging. Given that the details are usually concealed, greenwashing can really be difficult to spot.

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Businesses understand that not everybody has the resources or time to conduct the necessary research to uncover the truth. There are multiple ways greenwashing affects us. When it comes to investors, greenwashing is a concern since the shareholder may be let down or feel taken advantage of as they have their own definitions of what qualifies as eco-friendly and discover businesses, such as fossil fuel corporations that don't fit those definitions when they take a look at their portfolios and actual holdings. Suppose funds are not going to the appropriate projects to address societal issues like increasing inequality and environmental problems like global warming. In that case, greenwashing is also a concern for both society and the earth.

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Due to the misunderstanding, several businesses have refrained from highlighting their admirable efforts for fear that they'll be accused of greenwashing.

How Important Is It to Stop Greenwashing Practices? Greenwashing poses a risk by deceiving individuals into engaging in actions that are not sustainable. When a business makes eco-friendly promises, you might wish to purchase their goods. But if these sustainability promises are untrue, your support of the corporation may have unintentionally harmed the environment. Fighting environmental concerns, including global warming, plastic marine pollution, air pollution, or extinction of species on a worldwide scale, takes up important time and resources. Gather background info on items prior to buying them to prevent getting "greenwashed." You will know everything you should and shouldn't purchase when you research and find out everything you can about an item before purchasing it. Busy customers who wish to buy eco-friendly items but do not have the time to carefully research every item they buy are preyed upon by greenwashing. Just flipping the item over and checking the labelling is yet another method to stay out of the greenwashing snare. If its claim is accurate, the labelling needs to specify how it complies with all these claims.

Conclusion Greenwashing is a dishonest sales tactic used to trick customers into thinking that a company's products are environmentally friendly. To increase sales, several businesses are investing a significant amount of money into greenwashing. Unfortunately, when customers learn the truth, they lose trust in such businesses. Staying away from greenwashing marketing techniques is critical to create a profitable company. 73

Can Crypto Mining

Be The New Face of Renewable Energy? by Baba Nadeem

The cryptocurrency economy is expanding quickly, putting new demands on the electricity grids. However, crypto mining also presents exciting chances for energy businesses to generate new revenue streams, enhance demand response, and potentially hasten the growth of the long-term renewable resource base. 74

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There is little doubt that the cryptocurrency industry will continue to exist. It brings with it a number of intriguing new sectors that investment funds, private businesses, and public agencies might investigate. Bitcoin mining is one such method.

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This proof-of-work procedure uses a potent computer system, or “mining rig,” dedicated to resolving algorithmic challenges to create new coins and validate transactions. It is an energy-consuming process: The University of Cambridge estimates that the total yearly power usage of Bitcoin, the most popular cryptocurrency, is 145 TWh, or roughly 0.32 percent of the total amount of energy consumed worldwide.

Cryptocurrency Mining and the Turn To Go Green

The total yearly power usage of Bitcoin, is 145 TWh, or roughly 0.32 percent of the total amount of energy consumed worldwide.

There are concerns about cryptocurrency’s sustainability because of its rapid increase in energy consumption. Presently, 57 percent of the energy needed for cryptocurrency mining is derived from renewable sources (hydro, wind, solar, nuclear, geothermal, and carbon generation with carbon offsets as defined by the Bitcoin Mining Council Q3 2021 Report). However, given the intrinsic motivation for miners to reduce energy costs and the reality that clean energy is now the cheapest source of electricity in several nations as “available” energy, we anticipate the share of green energy to increase significantly. This is particularly true for nations where decarbonization is a top priority. Although this is wonderful news for the environment, it does add to the difficulty facing the energy sector, which is already dealing with growing demand as other industries move away from fossil fuels. 75

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How Cryptocurrency Miners Can Help Grid Operators Although crypto mining businesses have similar consumption characteristics to other types of data centers, their business strategy and output produce a unique set of customer attributes. Crypto miners are extremely priced sensitive because electricity makes up the vast bulk of their operating costs. Additionally, they have the flexibility to work from a range of locations and frequently seek out agreements with utilities and power plants to perform their duties locally and save money on grid costs. The ability to work flexibly is crucial for miners because mining rewards are earned in sprints rather than marathons and are not dependent on a certain time of day. This may balance the short-term supply and demand of energy. Three potential advantages for grid operators are provided by these characteristics.

Increased Income and Asset Optimization

Despite having similar usage characteristics to other types of data centers, crypto mining businesses have a unique set of customers due to their unique business model and output. Because of its geographic flexibility, crypto mining can be positioned close to the source of energy generation. This is a once-in-a-lifetime opportunity to capitalize on underutilized generation capacity. Generators that are limited by transmission availability can find new outlets for their power. Nuclear power plants in the United States are beginning to embrace cryptocurrency mining to boost sales and improve economics as they compete with lower-cost generating. Crypto mining can also assist renewable energy generators: It could offer a revenue stream for solar power plants with long interconnection lines, for example, or in specific areas with excess solar electricity. Finally, the additional cash helps hasten the growth of renewable energy infrastructure.

Demand Response and Load Balancing

Dynamic consumer involvement in balancing short-term power supply and demand is a major trend in the utility sector. Flexible tools are becoming increasingly crucial as the share of fluctuating renewable energy sources and demand for electricity increases. Rather than adding new supply resources to match peak demand, it is typically less expensive to recruit consumers who are ready to cut their electricity usage at certain periods

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in exchange for a discount or payment. This type of “demand response” saves money for both the utility and its customers. Crypto mining can take demand response to a new level, allowing huge loads to be immediately curbed for a charge. It can help offer seasonal balance in hot areas where energy-hungry operations like air conditioning systems and water desalination facilities cause seasonal load patterns. Innovative utilities, like Black Hills Energy, are already implementing flexible prices to meet this new use case.

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It can help offer seasonal balance in hot areas where energy-hungry operations like air conditioning systems and water desalination facilities cause seasonal load patterns.

System Control and Planning

Crypto mining has the ability to help local utilities with distribution management. Given the locational flexibility of crypto miners, a utility can strategically put a mining facility where it benefits the system the most. Crypto mining can assist balance distributed generation by absorbing surplus electricity and allowing a grid to run more smoothly.

Crypto mining can assist balance distributed generation by absorbing surplus electricity and allowing a grid to run more smoothly.

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The Potential Consequences of Embracing Cryptocurrency Mining The high power consumption of crypto mining might pose reliability and equipment issues for grids that are not designed to handle higher demands. Some countries, notably China, Iran, and Turkey, have already outlawed or heavily controlled cryptocurrency mining. If grid operators must invest significantly in new infrastructure to service crypto miners, this may have an impact on other utility users. Cryptocurrency markets can be volatile, and miners may be hesitant to commit to long-term buying obligations. In other words, if the crypto miners leave before their cost commitment is discharged, the utility and its other customers face stranded generating or transmission charges. Utilities can reduce these risks by obtaining upfront payments or commitments from cryptocurrency miners before making investments on their behalf. New service requests may be more credible if they go through a phased interconnection process with increasing levels of financial commitment.

Conclusion The growth of the crypto economy and proof-of-work mining operations will definitely have far-reaching consequences for global energy infrastructures. It is worth noting that the abovementioned issues are significantly reduced if a system already has capacity to support the new crypto mining loads, or if the mining operations are not connected to the grid. When handled correctly in terms of regulation and commerciality, crypto mining can result in favourable benefits for governments and utilities, including an indirect acceleration of renewable energy growth. A thorough grasp of the industry’s mechanics is essential, and it must be linked to national energy objectives. 83

Could the

Green Hydrogen Boom Lead To Additional

Renewable Capacity By 2026? by Swarnendu Acharjee

It is predicted by IEA (International Energy Agency) that, by 2040, global energy demand will increase by 2530%. This, along with the push for electric vehicles and netzero targets, has created a ripple effect on the economy. To understand this effect, let us go into some details.

Electric vehicles can majorly be of two types – charged battery type and hydrogenpowered fuel cell vehicles. We need a lot of electricity in both cases - to maintain a huge charging infrastructure and to produce hydrogen. To meet this demand for electricity, countries can't rely on coal-fired and other non-renewable energy-powered plants because that nullifies their climate change goals. Most countries still hugely depend on non-renewable sources for their energy needs and need to develop their renewable energy capacity to meet the demand. The application of electricity in

charged EVs is simple, plug in and use the electricity. But hydrogen-powered vehicles are a bit complex; the fuel cell in these vehicles utilizes hydrogen and oxygen to produce electricity and water vapour. Thus, the only difference between EVs and FCEVs (Fuel Cell Electric Vehicles) is that the former doesn't emit anything while the latter emits water vapour. This mandates that hydrogen must be commercially produced and obtained from various sources.

Commercially Produced Hydrogen There are multiple ways through which hydrogen can be produced commercially. Significant among them are coal gasification, steam methane reforming, and electrolysis. Depending on how it is produced, it can be determined how clean the hydrogen is. Hydrogen produced through steam methane reforming and coal gasification leaves a much larger carbon footprint than that produced through electrolysis. Coal gasification uses non-renewable energy sources like coal to produce hydrogen, and steam methane reforming can

either be done by using petroleum products or biomass, releasing CO2 into the air. However, both these methods can be made less polluting through carbon sequestration methods. Electrolysis is a much cleaner method because it splits water into hydrogen and oxygen by using electricity. CO2 is not released, but the only polluting factor here is how the electricity is produced. The carbon footprint there can be reduced by using renewable energy sources; when that is done, we call it green hydrogen.

A research paper by KJ Dillman and J Heinonen of the University of Iceland mentions that depending on the means of production, life cycle emission factors of hydrogen are between 0.5-25 kg CO2 eq/kg H2. This means a green hydrogen-based economy can rapidly consume a significant portion of the remaining carbon budget and potentially lock in hydrogen infrastructure unaligned with a below 1.5°C warming 'safe' space. Thus, a hydrogen-based circular economy is the most lucrative option to look at from a climate change point of view. In terms of hydrogen production, green hydrogen seems to be the most sustainable option.

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In terms of hydrogen production, green hydrogen seems to be the most sustainable option.

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Why is Hydrogen A Better Fuel? It is established that hydrogen is much cleaner, but some other properties make it favourable to be used as a fuel. Firstly, hydrogen is the most abundant element, making it easily obtainable through a wide range of methods, and it can be stored and distributed efficiently. It is very flexible; hydrogen's state can be changed depending on the requirement – as a high-pressure liquid, fused into liquid organic hydrogen carrier (LOHC) molecules, or as ammonia for long-term stability. "Hydrogen's storability provides a strategic flexibility for countries and regions seeking to stabilize gas or electrical grids," said Loic Charbonneau, global pursuit director, Emerson. Fuel cells are powered by hydrogen, and they have an efficiency of 65% as compared to around 35% using conventional electricity production methods. This property also makes it very attractive to be used in spaceships. 89

Relation Between Green Hydrogen and Renewable Energy Green hydrogen is produced through electrolysis. This is done in electrolyzers, which utilize electricity to split water into hydrogen and oxygen. This hydrogen is then isolated and used commercially. Producing hydrogen this way can save 830 million tonnes of CO2 as compared to other methods. Data from IEA reveals that, in 2020, global electrolyzer capacity stood at 0.3 GW, mainly using grid electricity to produce hydrogen. This capacity can reach 17GW by 2026. It is estimated that almost half of this increased capacity will be sourced from existing renewable energy establishments. The other half will be sourced from the creation of additional renewable energy capacity. Out of this additional capacity, it is projected that China will lead the way with 7.8GW, followed by Europe(4.1GW), Latin America(3.9GW), Asia Pacific(1.3GW), and North America(0.4GW). These projects range from 1-10MW in capacity. The larger projects ranging from 10-100MW are estimated to bring 18GW of additional renewable capacity, making a total of 35GW overall capacity. If we look at the number of planned projects, China, Chile, Spain and Australia alone could contribute eighty-five percent to the above 18GW capacity. If we track down the electrolyzer plan announcement and targets of various countries, by 2021, reports of over 260GW capacity have been made globally. This much electrolyzer capacity is estimated to bring at least 465GW of renewable energy capacity

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with it, with wind and solar accounting for 247.6GW. Out of these announced and planned projects, Europe has the most at 196.6 GW. IEA says this is linked to two factors - the EU's green hydrogen targets and the associated funding towards decarbonizing their hard-to-abate sectors to achieve their net-zero goal ultimately. Following Europe in these targets are Asia Pacific(102.9GW), Eurasia(45GW), China(43GW), Middle East(38.1GW), Africa(30GW), Latin America(16.6GW) and North America(1.8GW). IEA Executive Director Fatih Birol said that in 2021, a record was created when 290GW of renewable energy was added. "This is a sign that a new global energy economy is emerging", he added. Renewable electricity capacity by 2026 will equal the current total global power capacity of fossil fuels and nuclear energy combined, the IEA added.

As is evident from the above facts and data, there is a huge ambition among countries to expand electrolyzer and, consequently, the renewable energy capacity. However, subject to funding and government policies, how much of the target will be achieved is yet to be seen.

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Conclusion Green hydrogen has paved the way for countries to develop roadmaps for the deployment of more renewable energy capacity. The fuels derived from green hydrogens such as ammonia, methanol, and aviation fuels are a great alternative to high carbon fuels used predominantly today. Thus, it serves the dual purpose of energy security as well as decarbonization of the economy. The use of green hydrogen can create secondary environmental and economic benefits like new jobs and export opportunities. However, challenges remain as the cost of green hydrogen ranges from $6-12 per kilogram, depending on the region. There is limited infrastructure for

production, storage, transmission, and distribution. Moreover, to completely replace grey hydrogen, 3,000 TWh/year from new renewables is required. Not to mention the highly volatile and flammable nature of hydrogen, which asks for extensive safety measures. Thus, a huge amount of investment is required in this regard. While countries are making forward-looking and ambitious plans, proper implementation of those plans needs to be ensured. Governments across the world should promote R&D to reduce costs while maintaining quality. Moreover, infrastructure such as gas grids, transmission lines, etc., should also be developed simultaneously to support a robust green hydrogen economy in the future. 91

Investing in Clean Energy Energy of the Future by Ashesh Anand The post-pandemic economic recovery and the Biden administration's policy priorities are in jeopardy after the US inflation rate reached a 40-year high in June. Derailment of either would be a severe setback for American climate aspirations. The Inflation Reduction Act is anticipated to transform the US energy sector by making non-fossil fuel options more accessible to a broader demographic. The spending package isn't a cure-all for the climate catastrophe, and many environmentalists aren't happy despite predictions that it will bring the United States far closer to its carbon targets.

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The legislation aims to set the nation on a course to cut greenhouse gas emissions by 40% below 2005 levels by 2030. That's a significant development for all life on Earth. Still, there are also less significant advantages, such as for anyone who drives a car or pays utility bills and has noticed an increase in gasoline prices this year. Oil, gas, and coal capital expenditures will remain below levels observed before the pandemic in 2019, as uncertainty over future energy demand scenarios prevents clean energy investment growth from outpacing fossil fuel spending this year.

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There is a rise in renewable energy. A carbon-free way of life is feasible, as demonstrated by alternative energy sources including solar, hydro, and wind. The use of fuels is being replaced by electric vehicles, solar appliances, windmills, hydroelectric power plants, and other technologies. Opportunities in the field of renewable energy are expanding.

Incredible Growth in Clean Energy Usage

The Cleanest Energy Available

The market for renewable energy has shown notable expansion in recent years. Renewable energy has significantly increased in importance over the past few years, even if fossil fuels remain the main source of energy. People have begun seeking alternative energy sources due to the growing concerns about climate change.

As technology advances and the market for renewable energy grows, solar and wind power plant construction costs have fallen while efficiency has risen. More energy is produced than ever before thanks to the increasing efficiency of solar panels, inverters, and wind turbines. In comparison to fossil fuel-fueled power plants, these have low general support and maintenance costs. The amount of energy produced for every dollar invested is increasing.

Renewable energy has a promising future; there is no question about that. For investors, the news is favourable. Future profits from investing in and keeping stocks of businesses using renewable energy sources can be substantial. Governments, businesses, and investors are already placing bets on this emerging energy industry in the hopes of making a lot of money and securing a brighter future. What justifies investing in clean energy at this time? The better question could be: Why wouldn't you?

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The grid's energy supply from power plants can be optimized thanks to advancements in energy storage technologies. Energy storage technology development has a significant impact on the promising future of renewable energy.

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It's The Ideal Combination While the need for power is continually increasing, government policies, subsidies, and tax credits are providing a tailwind to encourage the evolution of sustainable energy. The market is given a boost by the climate goals of the United Nations and the European Union. Due to the efforts of the Biden administration, the US is likewise making significant investments in green energy. Global governments are supporting renewable energy more and more. Climate change is a primary focus of President Biden's $2.3 trillion infrastructure plan for the United States. A 10year extension of investment tax incentives for solar project financing is part of the strategy. Additionally, it includes $174 billion in support for infrastructure and electric car automobiles. Compare this to the numerous lawsuits major oil and gas firms have faced over the past few years from American states and municipal governments. It's not a good idea for any company to rely primarily on government

funding, but effective government support can undoubtedly encourage the growth of a sector that could have an impact on all of humanity. The development of solar power plants in the United Arab Emirates is breaking records worldwide. The ambitious objective of the UAE government seeks to boost the share of renewable energy in the whole energy mix to 44% by 2050. The big fish, the companies that are crucial to demand and financing in the energy market, were attracted to the market-boosting measures and tax incentives. Over the past few years, US firms have collectively purchased up to 30,000 megawatts of solar and wind energy in assets or power. That is sufficient to supply electricity to every home in a small European nation. Additionally, in 2020, Europe will produce more electricity from renewable sources than from fossil fuels.

New Career Prospects

High Return on Investment

By 2050, the number of jobs in the renewable energy sector might triple and reach up to 42 million, according to IRENA's Transforming Energy Scenario. The total number of jobs could rise to 100 million when we take into account the effects of the entire industry. Any occupations that are connected to a transition or have an impact on the industry are included.

The Transforming Energy Scenario is one such scenario, according to which the switch to renewable energy sources, increased efficiency, and electrification could spur overall socioeconomic advancement. The alignment of energy investments with limiting global warming to 2 degrees Celsius is also covered in the paper. It would cost $19 trillion more to do this than to do business as normal. But by 2050, the benefits would be worth $50–142 trillion.

There are more work prospects as the clean energy business expands. Over 11 million people globally are employed in the renewable energy industry right now. Local job prospects in small and large firms will result from more development.

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A report titled Global Renewables Outlook was released in 2020 by IRENA (International Renewable Energy Agency). It talks about the socio-economic effects of various scenarios using renewable energy.

Diversification of Portfolio

Stocks of renewable energy companies provide essential portfolio diversification. Due to the short-term volatility of oil prices and stock prices, this is advantageous. Equities in renewable energy may offer some portfolio protection if oil stocks lose popularity, as they did over the past year. Investing in renewable energy equities provides long-term exposure to this rapidly expanding energy market. If the move away from fossil fuels happens more quickly than expected, investing in renewable energy is equally essential.

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ETFs For Renewable Energy

The industry is anticipated to expand rapidly as dependence on fossil fuels is further examined and curbed. Exchange-traded funds, or ETFs, that track the industry are a good option for investors hoping to capitalize on the renewable energy boom early on. The simplest approach for investors to support the green energy industry is by investing in an ETF (exchange-traded fund), such as the Invesco WilderHill Clean Energy (PBW). The Invesco WilderHill Clean Energy ETF makes investments in indexes that contain equities of publicly traded American businesses that are working to develop clean energy and environmental conservation. There are others, including First Trust Nasdaq Clean Edge Green Energy Index Fund and Direxion Daily Global Clean Energy Bull 2x Shares.

In 2022, spending on battery energy storage is anticipated to more than double, reaching close to $20 billion.

Bottom Line: Present Circumstances Investments in renewable energy have outperformed those in fossil fuels in the US, UK, and Europe. In fact, there is a lot that needs to be done to combat climate change. It is also true that there isn't enough investment now available in the field of renewable energy. In the five years following the 2015 signing of the Paris Agreement, clean energy investment increased by barely 2% annually. However, the growth rate has dramatically risen to 12% since 2020. Government fiscal assistance and the emergence of sustainable finance, particularly in industrialized nations, have supported spending. More than 80% of all investments in the electricity sector are currently made in renewables, grids, and storage. At current growth rates, investments in solar PV, batteries, and electric cars will allow the world to achieve net zero emissions by 2050. But a significant portion of the overall increase in investment can also be attributed to constrained supply networks. Costlier labour, services, and supplies like cement, steel, and essential minerals account for about half of the overall rise in spending. Some energy businesses are being discouraged from increasing their spending more quickly because of these difficulties. Spending on several developing technologies, such as batteries, low-emission hydrogen, and carbon capture, utilization, and storage, is currently growing quickly from a low foundation. In 2022, spending on battery

energy storage is anticipated to more than double, reaching close to $20 billion. However, despite some promising signs, like solar in India, renewable energy spending in emerging and developing economies— apart from China—has remained flat since the Paris Agreement was signed in 2015 levels. Public funds for a sustained recovery are hard to come by, policy foundations are sometimes flimsy, economic gloom is forming, and borrowing rates are growing. The financial appeal of capital-intensive clean technologies is diminished by all of this. To increase these levels of investment and close growing regional gaps in the rate of energy transition investment, much more must be done, including by international development organizations. Long-term planning is necessary when investing in renewable energy. Companies participating in the renewable energy sector will play a big role in the future as technology advances and the need for clean energy increases. Additionally, renewable energy is the solution to halting climate change.

If you want to ensure that the Earth has a better future, investing in this industry is the most appropriate decision you can make.

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