The provincial government’s moratorium on renewable energy developments defies the clear worldwide trends
this year will be invested in wind, solar, electric vehicles and batteries. A year ago, U.S. President Joe Biden introduced the Inflation Reduction Act which, among other things, offers billions of dollars in subsidies for green energy projects. There has been a deluge of investment since the act was passed.
Places like Tulsa, Okla., once known as the “oil capital of the world,” are becoming green energy hubs. Tulsa’s main electric utility now harvests more than 28 per cent of its power from wind. Clean energy entrepreneurs are flocking to the city. It’s also happening in oil-loving red states like Texas, where Houston has attracted more than 130 solar and wind-related companies. The writing is on the wall, as the cost of solar and wind power continues to plunge.
Of course, the U.S. still relies heavily on oil and gas. So does China. But they are both moving aggressively to get to a place where fossil fuels are a thing of the past. According to reports, China is set to double its capacity of green energy by 2025, reaching its 2030 goal five years ahead of schedule. Yes, the country remains the world’s biggest polluter. Yes, they account for half of the world’s coal consumption. But the country appears to be working hard to get away from it.
Russia’s war in Ukraine has helped focus the minds of the European Union, which is more motivated than ever to get off oil and gas and establish a sustainable renewable energy grid. Last year, the EU established a nearly $442-billion program that will largely go toward a speedier rollout of renewable power.of 45 per cent renewable energy sources in the EU’s energy mix by 2030. This has prompted more and more countries to develop wind and solar capacity.
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