Solar And Wind Energy In Trouble –Most Important Climate News  7.9.24

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Hurricane Beryl decimated parts of Texas in the Houston area. It shut down electricity in over three million homes and likely did billions of dollars of damage. The storm will affect regions as far north as Michigan. No one may ever know that the cost of Beryl will be over a distance that covers as much as 1,000 miles. Climatecrisis247 believes this is another event that will cause insurance rates to soar in parts of the nation, unlike Florida, where storms have driven residential insurance rates up by double digits. In some parts of Florida, flood and wind insurance is unavailable. Hail storms and tornados have recently pushed the country’s middle-American insurance rates. The same trend will occur in Texas and some regions north of it. 

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One partial solution to violent and rapid weather changes will be a considerable increase in “push alerts.” These emergency messages are sent to people’s phones when dangerous weather is in a region. The technology behind this process is relatively modern. It requires much better short-term forecasting for specific areas and access to tens of millions of cell phone numbers. Climatecrisis247 believes that although this does not address the root causes of climate change or changes in dangerous weather patterns, it will save lives and possibly property. 

Big Oil Plans To Stay Big

According to the FT, oil giant Saudi Aramco says fossil fuels will be a significant energy source for decades. It plans to profit from this trend even as manufacturers of fossil fuel-based products like cars discontinue manufacturing gas engines. They will be built by other companies. Aramco made a nearly $1 billion investment in Horse Powertrain. Other investors include Chinese car company Geely and France’s Renault. Yasser Mufti, the executive vice president at Saudi Aramco, said, “It will be incredibly expensive for the world to completely stamp out, or do without internal combustion engines. If you look at affordability and a lot of other factors, I do think they will be around for a very, very long time.” Climatecrisis247 believes that this is part of a chorus of big oil executives who are willing to say in public that their place in the energy world will not change for years, and they will continue to pump as much oil as they can. The expected demand has also caused a wave of M&A in the industry. 

Financing For Solar In Trouble

Lack of confidence in the financial future of alternative energy has hurt the valuations of companies in the sector and made it more difficult for them to find funding. This, in turn, has slowed the rollout of solar and wind projects. According to the FT, , Sumant Sinha, head of ReNew Energy Global, said, “Public markets are undervaluing clean energy companies and hampering the green transition, as the sector struggles to entice investors.” Climatecrisis247 believes this is hardly the first time this claim has been made. Several companies have withdrawn from the wind energy business because of flaws in the technology. Solar energy projects have suffered because of the amount of sunlight available in many installations. Until some of these issues have been resolved, the enormous costs of renewables will be a drawback.

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