Fossil Fuel Giants Acknowledge Climate Change and Begin to Adjust
Traditional fossil-fuel-centric entities are acknowledging climate change and investing in clean energy. This marks an important turning point, and if they believe the future is in clean energy, we should take notice and build on the existing successes, for example the recent boom in community solar in multiple states.
Community solar has seen wide success. Forty-two states have at least one active farm, and there were “…1,226 cumulative megawatts installed through Q2 2018.” Nineteen states have policies and programs to encourage the growth of community solar, and while community solar benefits everyone with lowered pollution and cost savings, increasingly, there are projects that target benefits specifically to low income communities.
Exxon keeps tabs on the outlook for different energy types, and the future is bright for renewable energy. Between 2016-2040, they expect solar and wind to lead the way in global growth. The oil giant has also been in the news recently as shareholders pushed the company to report the risks climate change poses to its business model. And Exxon isn’t the only company; Chevron invested in five solar projects and has announced a commitment to renewable energy. BP has also made some moves: “…much of the company’s strategy update focused on clean energy, which BP said would amount to around $0.5bn of its $15bn-$16bn capital expenditure programme… BP recently bought a $200m stake in Europe’s biggest solar developer.” Shell, another major player in the industry, took things further, pledging to “reduce its net carbon emissions 20% by 2035, and 50% by 2050.”
Although critics correctly point out that these numbers are not large compared to these companies’ overall revenue and we need more action to get where we need to be, there’s a lot of value in what these traditionally conservative and fossil-fuel-focussed organizations are doing. The underlying lesson is that they have acknowledged climate change and the shift in our energy industry and are beginning to adjust. If even the companies that sell fossil fuels are making these changes, it seems like we should pay attention and make changes too. We have the technology and the models we can use for success.
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