A lot. The demand for energy from businesses, and Big Tech, has fueled the emergence of energy markets, driving down the cost of new technologies and creating new types of contracts for businesses and other communities.
Four of the five largest buyers of solar energy in the United States are technology companies, which have recently been discontinued: Meta, Google, Microsoft, and Apple. Those companies are responsible for 14% of installed solar capacity in the United States, according to the Solar Energy Industry Association’s annual Solar Means trade report-cheap electricity rates in League City .
These companies are also at the forefront of cracking the 24/7 Carbon Free Energy (CFE) code, with Microsoft and Google signing a power purchase agreement for CFE and Google investing in emerging clean energy technologies, available to geothermal. To reduce emissions in the electricity sector, we need other companies to help reduce the cost of clean energy infrastructure – which means, in the short term, decisions that are not economical in the short term.
Will companies still get funding for clean energy efforts?
Historically, economic downturns have led to private sector contracts to invest in sustainability and climate policy. This time can be different for two reasons. First, the economics of clean energy. Solar and wind are comparatively cheaper forms of energy, making virtual power purchase agreements an attractive financial hedge for businesses. As the cost of installing solar and wind energy increases due to the disruption of the chain and inflation, energy production is becoming worse (due to the global energy crisis), which that -led to many companies declaring themselves clean revolutions. strength. A recent survey of 140 CEOs and entrepreneurs reveals that most energy leaders are focusing on their clean energy transition plans, viewing clean energy as a way forward. prevent rising oil prices. In these times of economic uncertainty, it will be more important than ever to question and verify company claims.
Second, public policy creates new opportunities for smart people to monetize clean energy technologies. The Inflation Cut Act extends tax credits to carbon-free energy sources, and the Energy Department has set aside funds to support innovation in clean energy technologies, which is good news for geothermal, hydrogen, and long-term energy storage. New programs, such as the recently created Secretariat for Clean Energy Demand Initiative, are supporting new public-private partnerships designed to make clean energy more widely available.
Achieving a zero-emission economy will require a global effort from governments, consumers, and private businesses. Addressing climate change requires a thoughtful and proactive public policy response, led by experts, and supported by an informed public. Digital technology is not a magic bullet to fight climate change, but strong climate forecasting and industry practices can help guide the application of digital technology in the right places to accelerate progress in clean energy.
Modern-day giants are among the most successful and innovative companies in history. They are well-placed to help fill technical gaps and provide the information needed to find solutions to our problems. With their unparalleled investment potential and ability to innovate, large technology companies can become important members of a larger coalition for a global clean energy transition.
Broadly speaking, large technology companies are increasingly responsible and therefore increasingly responsible for providing information to the general public. They must ensure that research projects and social media do not promote bad science or dangerous falsifications.
