Six reasons to be optimistic about the energy transition: Yes, the world is hooked on fossil fuels, but Canary Media’s experts are still hopeful about the rise of clean energy. Here’s why. (Staff, 28 December 2023, Canary Media)
The economics are on the side of climate solutions
The core technologies for the first phase of the energy transition — solar, wind, batteries and heat pumps — are getting so affordable that demand for them will soon outweigh the institutional inertia that stands in their way.
Solar and wind power are now by far the cheapest source of new electricity generation, both globally and in the U.S., and those trends are set to continue. Lithium-ion battery prices have fallen to record lows again after a brief Covid-induced uptick, meaning it’s more affordable than ever to store wind and solar power for hours at a time. That same trend is also driving down the cost of electric vehicles, which can already outcompete gas cars on a lifetime basis in most parts of the country. And heat pumps, which are less expensive than ever thanks to federal tax credits, continue to demonstrate that they’re far more efficient at heating (and cooling) than conventional methods — even in the cold.
Together, these technologies alone are enough to get us far along the decarbonization pathways for electricity generation, transportation and buildings. The victories — for the climate, for consumers and for the companies that can capitalize on these technological realities — are there for the taking. — Jeff St. John
The Right hating Greens won’t stop economics.