2022 was not a great year is respect to the world understanding the importance of climate change effects on the world. Now that we are almost at the middle of the 2020s when carbon emissions are supposed to decline by half to avoid extreme effects of global warming. Instead, temperatures are rising to record numbers while carbon emissions, although they have slowed down, but not enough to avoid damaging climate change effects.
The COP28 conference about climate change in Dubai did little to impact the importance of incorporating sustainable living to combat climate change effects. But not all is negative in the fight against climate change effects on the global front. Three such major positive developments are given below.
- In Europe, post Russia’s invasion of Ukraine, it was being speculated that the European countries would “return to coal” as gas supplies were disrupted due to the war. But those speculations turned out not to be true as BloombergNEF stated that coal generation fell by 30% in Scandinavian and Western European countries.
This news also mentions that rising use of renewable power and its efficiencies have pushed fossil generation to a record low this year. In fact, in the US, the coal consumption level has fallen to a record low since the 1950s and next year there will be a further fall in coal consumption levels. This record level of coal consumption will be due to increase in power of wind turbines and solar panels usage replacing the coal-fired generation.
Population majority countries like India and China need to take major steps to control coal consumption which can highly impact the global impact towards decreasing effects of climate change. The IEA predicts that China’s coal consumption will fall by 2024 even it might take some more time.
- The electric vehicle market has been searching for producing EV battery packs that costs less than 100 dollars per kilowatt hour since a long time. The battery cost in a EV or electric vehicle cost one third of the price of an EV. Hence, when EV compete with gas-run cars the price becomes a major factor for the customer as EV costs more than a conventional car.
But finally there’s light at the end of the tunnel, as prices of lithium hydroxide have fallen roughly 80% this year. Goldman Sachs Inc. have predicted that the prices would drop further of lithium hydroxide and hit 100 dollars by 2025. This will lower the price of EV batteries which will also lessen the overall price of EVs.
Although these cheap batteries are not being circulated at present but latest EV models developed in the US have seen its price fall by 21% within a year.
- Vesta Wind System A/S which is a Danish turbine-maker have seen 32% increase in its share prices in the stock market by the end of September this year. It was a company that was most unloved in the energy market but saw an increase in its stock price this year.
Henrik Anderson, CEO of the company, told its investors, “Don’t get caught a little bit by one or two negatives,” in November and the outlook is actually positive. The increase in share prices in wind energy companies shows people optimism towards renewable energy power systems.
Offshore wind energy power remains a cheaper option than fossil-fired energy power in China and Europe.
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