Technology has radically changed almost every major industry as consumers take control and turn the world into a sharing economy. Airbnb has allowed homeowners to compete against major hotel chains; online booking sites like Expedia have eliminated the need for travel agents; Uber has turned the taxi industry on its head. In each case, existing companies in the space have had to adapt their business models or face extinction.
The World Economic Forum’s third annual Sustainable Development Impact Summit opened in New York City with an affirmation that the world has the science, data, know-how and public awareness to solve the challenge of climate change – what is needed now is intensified collaboration and communication to implement and scale solutions.
Electric power systems around the world are rapidly changing. For over a century, these systems have relied largely on centralized, fossil fuel plants to generate electricity to end users. Utilities had a straightforward objective: to provide electricity with high reliability.
Majority of homeowners who invest in solar power plants aim to either lower their energy costs or reduce their carbon footprint.
We’ve all paid a utility bill or purchased gasoline. Those numbers on our bills represent the direct cost of fossil fuels; money paid out of pocket for energy from coal, natural gas, and oil. But those expenses don’t reflect the total cost of fossil fuels to each of us individually, or collectively as a society.
Renewable energy will march forward this year, due to “remorseless reductions in the costs of solar and wind electricity and of lithium-ion batteries,” Angus McCrone, the chief editor of Bloomberg New Energy Finance (BNEF) wrote in a commentary.