Is your Company Prepared for 2030’s Green Energy Initiatives?
The transition to clean energy is happening worldwide and it’s unstoppable, much like the train in that movie...Unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us.
But with this transition comes a litany of green energy initiatives and if you’re a business owner, then keeping up can seem like a daunting task. Don’t worry, though, because I’ve got you covered.
Table of Contents
What’s Coming Soon
The U.S. Department of Energy (DOE) along with other governments throughout the world (including a handful of European countries and India), announced six new initiatives that will expand international cooperation around tackling the climate crisis, boosting clean energy innovation, and advancing an equitable transition to a net-zero future. You can really get a feel for how quickly these initiatives are rolling out when you consider that this announcement was made just over a year ago.
If you aren’t keeping up with politics these days, (who can blame you?) the Biden Administration is on track with an ambitious domestic goal of 100% clean electricity by 2035 and net-zero carbon emissions by 2050.
At the 2023 Leaders' Summit, it was also announced that the DOE will put forth new goals in the coming year for bold, yet achievable leaps to lower the cost of next-generation clean energy technologies. This includes things like clean, renewable hydrogen, battery cells for electric vehicles and energy storage, and industrial and atmospheric carbon capture. This is also in addition to the previously announced goal to cut the price of solar by over half by 2030.
See? Things are moving fast.
To better prepare your business for 2030 and beyond, you should consider jumping onto the green energy wagon as soon as possible. Many states are choosing to roll back their savings initiatives within the next five years, meaning that if you wait too long, you could be missing out on some major benefits.
What’s Coming Later
As I mentioned, the DOE is strategizing a net zero carbon emissions initiative by 2050. Reducing global carbon dioxide (CO2) emissions to net zero by 2050 is consistent with efforts to limit the long-term increase in average global temperatures to 1.5˚C. This calls for nothing less than a complete transformation of how we produce, transport and consume energy, which means you can expect your business to need to adhere to these standards.
There are a ton of other reasons why your business should go green, even before it’s mandated. Clean energy produces less pollution than traditional sources. And with the demand for clean air increasing and the cost of fuel rising, companies that don't go green may find themselves at a competitive disadvantage as they will no longer offer affordable prices on their products and services.
Additional benefits include the following:
- Increased energy efficiency
- Reduction in greenhouse gas emissions
- Reduced energy bills
- Fewer utility interruptions
- Better employee satisfaction
How to Properly Prepare
There are a handful of things that you should be doing, or at least start doing soon, to be sure your business is prepared for 2030 and onward.
Invest in Solar Power
One of the most accessible sources of renewable energy is solar power. The sun shines every day, regardless of the weather conditions. Through solar energy, your business can significantly reduce your carbon footprint and reduce energy expenses. Plus, you can be eligible for incentives and tax credits from the government and utility companies, depending on your state/county.
For example, there are a handful of states across the country (including California and New Jersey) that are pushing companies and residential homeowners to switch to solar by paying for the upfront cost of installation.
Purchase Renewable Energy Certificates (RECs)
Let's face it— not every business can generate their own renewable energy. However, you can still support the cause by having Renewable Energy Certificates (RECs). But what exactly are RECs?
These certificates represent the environmental attributes of renewable energy generation. By purchasing RECs, you can indirectly support renewable energy projects, demonstrating your commitment to sustainability.
Plus, RECs can be used to offset a portion or even all your business' electricity consumption.
Implement strategies for energy efficiency
Before you can adopt renewable energy sources for your business, you must first optimize your energy use.
So, it's essential that you invest in energy-efficient technology for your business, from equipment to your office appliances. You can also conduct energy audits to identify areas of improvement that can be made to your facilities, whether it be your lighting systems or HVAC equipment. This can help you determine where you need to start cutting down on your energy consumption.
When you use energy-efficient technology, you can reduce your overall energy consumption as well as carbon emissions.
Support wind energy
If you're operating in a windy area, why not support wind energy for your business as well? After all, it's accessible just like the sun.
When you turn to wind energy for your business, you can reduce greenhouse gas emissions. You can also reduce your reliance on fossil fuels for your energy consumption. Plus, it's cost-effective.
Adopt sustainable operating processes
Regardless of your business operation, it's important that you adopt sustainable practices to support renewable energy sources. The question is how?
You can start off by reducing waste and recycling materials used for your operations. This is simple and affordable when you set up recycling collection with your county. Businesses can check their city guidelines and their government online portal.
You can also streamline processes to minimize energy consumption. Consider partnering with suppliers that can source materials sustainably.
What to Expect
Reaching net zero by 2050 is going to require a quick deployment of available technologies as well as widespread use of technologies that are not on the market yet. This means that you, as a business owner, should be ready for major changes and advances within the next decade or two. Major innovation efforts must occur over this decade in order to bring these new technologies to the market in time.
It is valuable to begin diversifying your business practices into smart systems involving telecommunications, security, solar, and as a result, have a consistent flow of business even when other companies and tradesmen fail.
