Hesitations of major energy corporations to go green continue to undermine efforts aimed at curbing climate change. Recently, Galina Alova from the University of Oxford conducted a study report that indicated about 10% of international energy utility corporations are developing their capacity for renewable energy faster than for gas and coal. A journal, Nature Energy, published the research findings from the study. The main finding showed that out of a sample of 3,000 utility companies studied, a huge percentage continued to depend heavily on fossil fuels. But for the utilities adopting alternative renewable energy resources, 60% still operate fossil energy portfolios.
According to the report, the utility companies with the most sluggish transition are based outside Europe. Galina said that the utilities’ renewables-prioritizing agreement identified in the study consists of organizations with large-scale operations and great market shares in the countries they are set-up. Alova noted that most of the corporations continue to, side-by-side, develop their capacities for fossil fuel, although at slower rates.
Galina’s research highlighted the missing link between the steps required to curb the crisis and the actions the utility sector took so far. Most of the hesitant corporations face a carbon lock-in because fossil fuels contribute to approximately 33% of every company’s energy capacity. Alova said that unless the companies decommission their fossil fuel facilities, a significant share in these portfolios faces permanent stagnation. She suspects that an increase in the electricity sector momentum is a major cause of the slow transition.
Approximately 10% of utilities advocate for gas-fired power facilities are from the United States, Russia, and Germany. Galina commented on the close relationship between renewable energy and natural gas, saying that most companies often select both hand-in-hand. Media news reporting huge investments in renewables tends to overshadow updates on funds going into natural gas development. Other reports consider natural gas as the transition fuel, attributing the fuel to the little carbon footprint that allows load-balancing services for the inconsistent generation of renewable energy.
Dave Jones, the lead electricity analyst at Ember, concurred with Galina Alova’s research findings that indicate how energy companies’ misunderstanding of natural gas’s future continues to undermine the transition. Most corporations plan to construct huge centralized power facilities that use natural gas instead of coal. Jones said that wind and solar continue to provide accessible alternative sources of electricity.
In summary, utility companies must promptly adopt the steps designed to tackle climate change, starting with the go-green initiative. An increase in fossil fuel use greatly raises the carbon emission levels, a hazard to the planet’s ozone layer. Without the ozone layer, Earth’s inhabitants are at risk of high solar radiation levels with devastating effects.