Climate Corner: The Smart Money is Cleaner

Why is weaning off fossil fuel energy so hard?

It’s clear that industrial-age energy like oil and gas is heating the planet, polluting the environment, and is subject to wild variations in markets and supply- chain availability. So why do we still stick with the dinosaur option?

I ask this question often, to myself and others, and answers range from “it’s the economics” to “it’s the jobs” to “it’s convenient” to “people just don’t like change.”

The economic analysis begins with the social cost of carbon, a scientific, dollar-based valuation of the financial damages incurred due to the impact of every additional ton of carbon dioxide emitted.

As we add more carbon to our system, future costs will increase — this is obvious. But what many people don’t realize is that renewable energy’s costs have shrunk dramatically in recent years and, in many situations, are the lowest price option. Additionally, the price of oil is skyrocketing, and renewables won’t fluctuate because of the Strait of Hormuz. The war in Iran demonstrates that multiple risks and threats associated with an oil and gas economy are undeniable and ultimately very expensive.

When it comes to jobs, worldwide employment in the clean-energy sector increased from 30 million in 2019 to approximately 35 million by 2023, surpassing the number of jobs in the fossil fuel industry. Based on current policies, the clean-energy sector is projected to add another 10 million jobs by 2030. Conversely, the fossil-fuel sector is anticipated to lose around 3 million jobs over the same period. Plus, clean-energy jobs are often safer and healthier.

It’s taken decades, if not centuries, to build the fossil fuel infrastructure and industry and it has become convenient. Cars drive, airplanes fly, lights turn on and homes are just the right temperature for our comfort. We don’t even have to pay attention to where our energy comes from.

However, we can do all these things with alternatives, as well. Electricity can come from a mosaic of sources and is highly reliable. Cars, buses, trucks and trains can be fueled by this green electricity. Airplane technology is consistently getting greener, with more efficiency, sustainable aviation fuels and electric versions. Other solutions include heat pumps (efficient energy exchangers), geothermal heating and cooling and solar-powered homes.

Every year, my organization Climate Curve runs a prize focused on greenhouse gas mitigation and every year we get hundreds of fabulous solutions operating worldwide. Currently, we are in the exciting process of whittling down the top-scoring applications into the 20 finalists, which will be announced during the opening ceremony of DC Climate Week.

Reading the applications is beyond inspiring. People are living the reality of climate risks and overcoming massive challenges to create the future that will benefit us all. Solutions range from training women in rural Africa how to ride and repair electric motorcycles to new technologies for nontoxic batteries.

So let’s all start embracing the change and the future, and ditch dirty energy. Renewable is not only exciting, inspiring and impressive, but it’s simply the better alternative economically, as well.