This Earth Day, amidst the alarming climate news, it is important to celebrate the progress that has been made in the fight against climate change. While the media tends to focus on climate disasters, there are numerous climate solutions that have been deployed and are continuing to grow. Policy plays a crucial role in driving progress, with countries implementing measures such as fuel subsidies, tax reductions, and bans on internal combustion vehicles to support the energy transition. In the US, various policies and initiatives have helped lower the cost of clean energy solutions and increase their deployment.
Investment in climate solutions is on the rise, with global investment in the energy transition reaching a record $1.8 trillion in 2023. Electric vehicles (EVs) are seeing significant growth, with sales increasing in the US and worldwide. Solar photovoltaics (PV) installations have become faster and more affordable, while wind power installations have also increased at lower costs. The generation of electricity by renewable sources such as solar and wind is now cheaper than fossil fuels, with renewables accounting for 82% of new generation capacity in the US in 2023.
Lithium ion battery production has seen a dramatic increase in recent years, with costs dropping and improvements in degradation and energy density. These advancements in clean energy technologies are promising, yet they often go unnoticed in the news cycle. The energy transition is gaining momentum and should be seen as a reason for hope rather than despair. Ample capital, human energy, engineering expertise, and entrepreneurial talent are being devoted to climate solutions, driving their deployment at a rapid pace.
It is important to highlight the optimistic outlook for the clean energy transition and the numerous solutions that are already driving progress. Despair is not a motivating factor in addressing climate change, but rather understanding and promoting the hopeful work being done can inspire action. Public support, driven by hope rather than fear, is crucial to sustaining the momentum of the energy transition. Moving forward, it is essential to continue sharing the success stories and advancements in climate solutions to inspire further action and progress in the fight against climate change.
