The recent Russian – Ukraine war has shown the issues governments face in terms of financial vulnerabilities when it comes to fossil fuel-based economies This shows the need for a stronger renewable energy transition.
However, the need for more renewable energy does not seem to be pushing a lot of energy giants to increase climate targets, meaning that they are objectively failing to invest in the renewable transition at the scale required for environmental and economic improvement.
The energy crisis which has led to an extremely volatile energy market has meant a lot of energy companies have made huge profits over the past few years due to expensive fossil fuels causing consumer bills to be a lot higher than usual.
Renewables rising for businesses.
Due to the high cost of energy, more and more businesses are starting to invest in renewable electricity. Some big businesses that have committed to using 100% renewable electricity include Apple, Samsung and AB InBev. This has led to rising demands for renewables.
The more businesses that begin to invest in renewable electricity will reduce the overall national electricity demand, leading to more supplies and lower energy bills.
Reducing energy prices short term
Due to the energy crisis, the government has been focused on reducing the price of energy for consumers to try and counteract the cost-of-living crisis and stop many businesses from reaching a cliff edge. They have done this through various schemes such as the Energy Price Guarantee.
However, many green leaders believe that the government could have put more investment in lower carbon infrastructure such as onshore wind farms and improving homes and building to be more energy efficient. This would combat energy prices in the long term instead of various support schemes that are only going to provide short-term relief to those struggling.
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