Each week we summarize and news that gives us hope for a future that doesn’t look like Waterworld. This week, The New York Times reported that while the coronavirus looks like a cliff for fossil fuels, it’s more like a road bump for wind and solar. I believe that’s what they call a silver lining.
Tells us which articles give you a warm and fuzzy feeling and use the icons below to share it!
By Ivan Penn, The New York Times, April 7, 2020
- While coronavirus is wreaking havoc on already ailing fossil fuel companies, industry analysts expect wind and solar businesses to maintain steady growth this in 2020 and beyond.
- Per the report: “In many parts of the world, including California and Texas, wind turbines and solar panels now produce electricity more cheaply than natural gas and coal. That has made them attractive to electric utilities and investors alike.”
- Although residential solar companies are taking a hit due to coronavirus meaures, it’s largely seen as a temporary setback. Meanwhile, commercial wind and solar projects are largely on track or ahead of projections.
From ClientEarth, April 6, 2020
- One of the UK’s largest banks, Barclays, announced a goal to be a “net zero bank” by 2015 after months of pressure from investors and activists. The bank agreed to align its environmental policy with the goals set by the Paris climate accord. That includes tapering off fossil fuel investments.
- Per the report “Since 2015, Barclays has invested £100bn into fossil fuel companies. That makes it the largest financier of fossil fuels in Europe, ranking seventh in the world. The bank also increased its financing for oil, gas and coal companies just last year.”
- ClientEarth lawyer Daniel Wiseman called resolutions before Barclays shareholders “an historic opportunity to transform Barclays from an industry laggard to a global leader on climate.”
Remote Possibilities – Coronavirus has shocked businesses into low-carbon practices. Will they stick?
By Kate Yoder, Grist, April 7, 2020
- Just like Manhattan Triangle Shirtwaist Factory fire, the Great Depression and World War II, coronavirus may change how people work and move low-carbon practices like working from how into center stage.
- Per the report: “The longer this goes on, the more the new normal will be a permanent departure,” said Douglas Noonan, a professor of public and environmental affairs at Indiana University-Purdue University Indianapolis.
- The transportation sector is the biggest contributor to US greenhouse gas emissions, with electricity generation in second place (see headline above). Libertarian think tank Reason Foundation estimated that “eliminating commutes can cut daily driving by 53 to 77 percent.”
What do you think? Are you feeling a little better about the future? Let us know in the comment section! Feature photo by Nicholas Doherty on Unsplash.