Climate Energy

Three amendments to the regulatory framework for renewable energy might safeguard humanity in the future

The reduced travels engineered by the spread of the coronavirus will create a temporary solution to the increasing global temperatures. The Inter-Governmental Panel’s projection on Climate Change (IPCC) that average temperatures will increase by 1.5 ºC from the normal levels by 2030 is likely to come true if the international community deploys no feasible strategies.

The international community has just penned a death warrant to humanity by failing to implement the strategies indicated in this cap since the rising sea levels, and catastrophic cyclones in the tropics might become the order of the day in the future. This average in temperature will exacerbate the climatic problems in the deserts and other dry regions. Experts attribute this climatic change to fossil fuels’ combustion and have predicted that the switch to renewable energy might salvage humanity from impending doom.

Apart from hydroelectric power establishment, developing countries with the potential of developing renewables have been sluggish in the implementation of clean energy sources, with some playing the blame game over the generation that started this problem. The challenge to the development of renewable energies like solar is no longer a financial one because various entities have declared their support for these projects. For instance, the asset controllers stated that they would be pumping more than $1 Trillion to combat climate change.

The primary challenges include pricing, property ownership, and the bureaucratic procedures that renewable energy projects are exposed to before they proceed. Moreover, there are political economy issues that also contribute to the sluggish implementation of renewable energy projects. The regulatory resolutions for these problems include introducing dividends for developing countries and proposing more projects for green energy.

Drafting policies that encourage the development of renewable sources of energy is among the factors that help mitigate the climatic change problem. However, unless these policies are implemented in time, they may not help much. Additionally, analysts realized that although the wind and the sun are free sources of energy, they require infrastructure to deliver them in the required quantities and at the desired destinations. This concept is what brings in the pricing problem. The governments can mitigate this problem by reducing the taxes on these utilities and participating in the development of the infrastructure to support renewables. Other economies realized that they could auction contracts for the development of renewables to attract the private sector to participate in this global problem resolution.

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