Switching to Renewable Energy Helps Climate, Economy

The potential economic impacts of transitioning to renewable energy such as solar and wind have left many questioning the financial feasibility of clean energy. With extreme weather events becoming increasingly common worldwide, the need for concrete climate-change remediation efforts is becoming more urgent.

Research by Toronto Metropolitan University associate professor of global management studies Deborah de Lange suggests that renewable energy innovations have a positive impact on the economy. The professor found that transitioning to clean energy can contribute to a higher national GDP.

Most climate-change experts encourage quick carbon emission reduction efforts before we do irreparable damage to the atmosphere. Overhauling the energy industry and replacing fossil fuels such as coal and oil with cleaner alternatives would be one of the most effective ways of cutting carbon emissions. Some groups argue for the total replacement of the current fossil fuel industry with green energy while others believe a slow and steady phase out of fossil fuels would be more feasible. Alternatively, we could maintain the fossil fuel industry and build a separate renewable energy industry.

Regardless of the options most nations choose, many are worried about how ditching coal and oil for wind, solar and nuclear energy will affect economies and impact people’s livelihoods, especially those who rely on the fossil-fuel industry for a living.  However, de Lange’s research found that renewable energy can boost GDP even during early-development stages.

Her research also indicates that continued industry and government support for the fossil-fuel industry negatively impacts green0energy innovation due to the two industries’ incompatibility. On the other hand, national GDP seems to increase when the fossil-fuel sector invests in itself, leading to confusion about the best way to transition to renewable energy while simultaneously maintaining economic prosperity.

These investments typically occur through lobbying and keeping the fossil-fuel energy sector going by keeping clean-energy competition out of the energy industry.  As a result, this creates a false dichotomy between improving GDP and lowering emissions, leading to the misconception that both cannot happen simultaneously. In fact, de Lange’s research suggests that nations can reduce carbon emissions and boost their economies by investing in green-energy innovation. They can achieve this if they focus on the dual progress of economic prosperity and emissions reduction while cutting support to the fossil fuel industry.

The fossil-fuel industry affects consumer welfare negatively by keeping prices higher than necessary, de Lange says, leading to inflated profits which push GDP up. She says that implementing pollution taxes and supporting energy innovation is the most effective way of cutting carbon emissions while ensuring economic prosperity.

The solutions that enterprises such as Correlate Energy Corp. (OTCQB: CIPI) offer geared at making it easier to get renewable power onto energy grids can be a viable way to integrate green energy into current energy mixes while easing away from dirty fuels.

NOTE TO INVESTORS: The latest news and updates relating to Correlate Energy Corp. (OTCQB: CIPI) are available in the company’s newsroom at https://ibn.fm/CIPI

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