Business World Shifts Towards Clean Energy Transition Despite Challenges

By Shubhendra Anand , 06 November, 2024

Climate change is the phase to work on for the entire economy. The business world follows the same examples and considers climate change an important factor of discussion in 2024. In order to combat climatic changes due to the overuse of fossil fuels, the different sectors of the economy must take necessary steps. Therefore, necessary steps are taken strategically against the climate change crisis in the business world. The business world is approaching the steps needed to incorporate changes in the market for clean energy in 2024.

Earlier, the companies invested in environmental, social, and governance (ESG) to contribute significantly towards sustainability. However, businesses have suffered massive losses from investments in recent years. Hence, multinational companies consider investment in cleantech only will not help. Therefore, the business world is taking several other steps to progressively induce a clean energy transition in the energy sector in 2024. In contrast, experts view this problem differently. The benefits from renewables are quite small compared to global fossil fuel emissions. Based on World Energy data, the global emissions rate statistics are growing faster than clean fuels in 2024. Despite the investment in renewables production and significant shift in energy choices, the energy market faces less development in 2024. Simultaneously, due to production costs, wind and solar energy production industries hit lows in 2024. Additionally, the higher production cost of renewable energy sources like wind and solar led to the fall of clean energy stocks by the end of 2023.

The drop in the increase of clean energy results leads to experts revising climate change ideas. Hence, some industries are dropping ideas to avoid losses in the clean energy sector. However, the majority of industries are altering their investment ideas in the adoption of renewables. Google will invest in data centers powered by geothermal energy in 2024. Thus, big companies are taking the risk of investing in renewables to encourage users to opt for renewables. Gradually, if the business world considers cleantech over conventional methods, it will boost the progress of green energy transformation.

Big companies failing to keep up with climate change actions