Renewable energy, a business opportunity in the United States?

According to the WHO, air pollution kills 13 people every minute, a reality that is increasing and metastasizing in the world. What is the industry doing to address this problem? Does renewable energy present itself as a business opportunity in the United States?

Let's talk about the consequences of the use of fossil fuels in the world and the importance of the transition to renewable energies, an alternative that industries and institutions in developed and developing countries are increasingly considering, not only in their government plans, but as a sort of collective consciousness that is gradually permeating cultures around the world.

‍The United Nations Organization, recognizes the consequences of climate change as a transnational problem: “Climate change constitutes a global emergency that goes beyond national borders. This is a problem that requires coordinated solutions at all levels and international cooperation to help countries move towards a low-carbon economy.”

On the latter, Amsterdam, proposed, by 2050, to be the first European city free of carbon dioxide emissions. A commitment that was signed in the United Nations Conference on Climate Change (COP21), also known as the Paris Agreement, concluded in 2015 and which, let us remember, recognized the need for a progressive and effective response to the pressing threat of climate change; substantially reduce greenhouse gas emissions to limit global temperature rise this century to 2°C; review country commitments every five years and offer financing to developing countries so they can mitigate climate change.

And it is that the consequences of climate change are expanding and metastasizing throughout the world. What is happening in the United States and Latin America in terms of global warming?

The United States National Oceanic and Atmospheric Administration (NOAA) made an evaluation of the US weather forecast in May 2022.

We quote some sections of the study:

• The average US temperature in May 2022 was 61.9°F, which is 1.7°F above average, making it the third warmest in 128 years.

• As of May 31, the largest fire on record in New Mexico, the Hermits Peak Fire, had consumed more than 315,000 acres.

• Several severe weather events occurred in the US during May. There were 196 preliminary reports of tornadoes.

• According to a report from the US Drought Monitor, released May 31, 49.3% of the country is in drought.

The situation in Latin America is not very encouraging either, according to a report of the World Meteorological Organization (WMO), published in 2021, Between 1998 and 2020, climatic and geophysical phenomena claimed 312,000 lives and directly affected more than 277 million people.

"Almost half of the surface of Latin America and the Caribbean is covered by forests. Around 57% of the world's remaining primary forests are concentrated in that region, which store some 104 gigatons of carbon. Fires and deforestation threaten one of the largest carbon sinks on the planet, and their repercussions are far-reaching and long-lasting," said WMO Secretary-General Professor Petteri Taalas.

Now that we get into context, let's solve some questions: What are the consequences of burning fossil fuels in the world? Is this a business opportunity for industrialists and entrepreneurs who discover a flourishing business in this market?

According to the World Health Organization (WHO), air pollution kills 13 people every minute from lung cancer, heart disease and strokes. Almost the entire world population (99%), says the organization, breathes air that exceeds the quality limits recommended by the WHO. These data have led the organization to stress the importance of curbing the use of fossil fuels and to take other tangible steps to reduce air pollution levels.

The Energy Information Administration, EIA, for its acronym in English, recently published the data of carbon dioxide emissions by fuel in the United States and make some perspectives for the year 2022 and 2023. This is the table:

We insist on sharing this data with our audience, since renewable energies are gradually becoming protagonists in the United States. Do they represent a business opportunity? According to EIA, in 2021, Texas produced about 26% of all US wind electricity generation, leading the nation for the 16th consecutive year.

‍California, in 2021, was the country's leading producer of electricity from solar, geothermal, and biomass. Solar power, by itself, provided 25% of the state's total net electricity generation; that same year, wind accounted for 8% of California's electricity generation, ranking sixth in the nation behind Texas, Iowa, Oklahoma, Kansas and Illinois for wind generation.

‍Florida is one of only four states with large-scale electricity generation from solar thermal technologies, a technology that works by concentrating sunlight to produce the high temperatures needed to drive turbines and generate electricity.

In North Carolina, the amount of electricity generated from solar energy has increased rapidly in recent years. In 2017, solar power became the largest renewable source used for electricity generation in the state, surpassing conventional hydropower for the first time. In 2020, solar energy provided about 7% of the state's total generation and about 44% of its renewable electricity.

So, the growth of renewable energies is unstoppable. Photovoltaic solar energy from electromagnetic radiation from the Sun, biomass that uses organic matter originating in a biological process to generate energy, are two of the different alternatives that seek to stop not only global warming, but are projected as a business opportunity. The EIA projects that renewable energy will meet 44% of US electricity demand in 2050.