The Coronavirus and clean energy

• Global markets have all come to a halt
• 2020 was on pace to be a record year for renewable energy 
• Moving forward, we need to support renewables instead of propping up the fossil fuel industry 

The Coronavirus has rocked markets all across the world. As stocks rise and fall tumultuously many investors have felt lots of uncertainty. This pandemic is something no one expected and caught many unprepared. The clean energy sector is no different.  Many think that we may witness a key turning point in the energy industry. In the short term, things don’t look too good. However, our recovery from this pandemic could give us the opportunity to invest heavily in clean energy.

The slow down

The industry is currently slowing down. Nearly half of the solar and wind energy projects this year have been significantly delayed. With workers at home, as well as energy demand shifting, production has taken a huge hit. Solar panel and wind turbine factories have shut down. In regards to materials already made, shipping is much more difficult nowadays. Industry leaders saw 2020 as being a potential “boom year.” This will now have to wait.

How to pick it back up!

As our lives slow down right now, we have the opportunity to steer ourselves in a more sustainable direction. During this crisis, renewable energy has taken a greater role in energy production because of their ease of dispatch to power grids. This is proof that renewables are best in times of crisis. Moving forward, we need to make sure that politicians are thinking about our future. Many fear that lobbyists may push our representatives to try and prop up the fossil fuel industry instead of using this rebuilding opportunity to stimulate the clean energy industry. Renewables are now competitive economically and we can make them much stronger moving forward. As investors and politicians support renewables, we can implement renewable technologies large-scale, bringing about a huge impact on emissions.

In order to shoot an arrow forward, you must pull it back. Let’s use this pandemic as an opportunity to brighten our future! Join Physis today to make a difference!

Sources:

How Renewable Energy Could Emerge on Top After the Pandemic