Some of the most successful corporations are finding themselves investing in solar, decreasing their use of oil and gas, in an effort. to stop global warming and the many harmful causes and effects of climate change.
In the past three months, according to Bloomberg New Energy Finance, $64.8 billion was invested in clean energy around the world this year and “overall, solar was the star sector in 2Q, notching up investment of $35.6 billion, up 19% year-on-year and 20% quarter-on-quarter”. Many companies see the value in investing in something that not only lessens their carbon footprint and attracts more customers, but also optimizes cash flow and profitability.
It is easier to understand and invest in anything if more popular and highly profitable corporations do it first. In early June, right after the withdrawal of America from the Paris Agreement, a declaration titled “We are still in” that “represents 120 million Americans and $6.2 Trillion of the U.S. Economy” was signed by many cities, states, schools of higher educations, and businesses such as Microsoft, Amazon, The Lego Group, Spotify USA Inc., Facebook, Google Inc., Nike and many more. It stated that signatories would continue to reduce the country’s carbon emissions by 26% by 2025 to keep up with America’s previous pledge to the Paris Agreement.
Many of these companies have made tangible commitments that set the bar high for others. CNBC reports that this past March, Amazon announced that it is planning to install large solar systems on 15 “fulfillment” and “sortation” centers across the U.S. this year. These projects will produce as much as 41 megawatts of power across multiple states. The Economist reports that the world’s largest retailer, Wal-Mart, will “require its own operations and those along its supply chain to reduce carbon-dioxide emissions by 1bn tonnes (it calls this “Project Gigaton”) by 2030—the equivalent of taking 211m passenger cars off America’s roads for a year.” These are just some of the more major projects but many others are following right behind Amazon and Wal-Mart’s footsteps by installing solar panels and overall being more conscious of the power they hold in the world energy industry.
It is encouraging to see world leaders step up, voice their concerns about the growing need for everyone to live sustainably and take action. This is also a promising precedent for other businesses that would like to take similar strides towards the future. Solar and other alternative energies are growing exponentially popular for a reason and within a few years we will be able to see more efficiencies than ever imagined.