Power Companies Prevent Move to More Renewable Energy

It has been reported in a study, published in the Nature Energy Journal, that power companies around the world are hindering the transition from fossil fuels producing energy to ones that are greener and more renewable, such as solar and wind energy. We’re looking into the way power companies prevent renewable energy generation.

Research discovered that only 1 in 10 energy suppliers across the globe have been prioritising green energy over fossil fuels. Furthermore, the companies who are spending more money on investing in green energy are still proceeding to invest in fossil fuels, which include coal and gas. Researchers criticise this quite heavily. They state that this slow move to green energy is being undermined by the efforts to combat climate change.

Renewable Energy has Really Taken Off Throughout Europe

Particularly here in the UK, with 40% of electricity in 2019 originating from solar and wind power. According to this new study, the wind and solar power installations have been built at a slow pace and are owned by state and city enterprises. Independent producers have been quicker at building these energy-efficient infrastructures. The study examined around 3,000 electricity companies across the world. It then assessed and analysed the activities of these companies over the last twenty years.

The study found that 10% of these companies had expanded their renewable power faster than their coal and gas power. The vast majority of companies persisted to invest in fossil fuels. That 10% still invested in fossil fuels, just at a lower rate than renewable power.

The data has generally indicated that utility companies are hindering the world’s move to renewables. It is the tendency of these companies to do nothing. This is why the transition to renewable energy is so slow. As a result, this causes a chain reaction of companies making no effort to convert their power to renewable resources. 

This means that the majority of companies are somewhat reluctant to spend the extra money to invest in renewable energy. They feel they would be losing out on profit if they do so when other companies continue to invest in fossil fuels.

It requires action from the majority of companies and a coalition of some sorts to work together to cover the costs of investing in renewable energy. This would help to combat climate change much quicker and speed up the pace of electricity generated by renewable and green sources.