Record Breaking 2018

It’s official: 2018 was the fourth warmest year on record for global temperatures. This is according to various organizations such as the National Aeronautics and Space Administration, National Oceanic and Atmospheric Administration and the World Meteorological Organization. (WMO). The global average temperature in 2018 is the fourth warmest since 1880 which is just behind years 2016,2017 and 2015.

According to reports, the world was 1.5 Fahrenheit or 0.83 Celsius warmer in 2018 than the average set between years 1951 to 1980.

Naturally, experts are alarmed at the rising global temperature trend as it reflects the effects of climate change. The 20 warmest years on record have been in the past 22 years. The degree of warming during the past four years has been exceptional, both on land and in the ocean,” said Petteri Taalas, secretary general of the WMO.  “Many of the extreme weather events are consistent with what we expect from a changing climate…This is a reality we need to face up to. Greenhouse gas emission reduction and climate adaptation measures should be a top global priority,” he added.

Fortunately, there are serious efforts from many countries and even the private sector to meet commitments to the Paris Climate Change Agreement in 2015 where leaders agreed to limit global warming to just under two degrees. Various countries and big global firms are in the last three years are working hard to cut down on human-caused emissions of carbon dioxide by shifting to renewable power.

In fact, 2018 was record-breaking too for corporate renewable energy deals.  According to  Business Renewables Center of Rocky Mountain Institute (RMI), the United States renewables market has almost doubled its figure of corporate off-site deals since 2015.

The contracted capacity for renewables by private firms in the US amounted to 6.43 GW last year. Corporate renewable energy buying came in the form of green power purchases, power purchase agreements, outright project ownership, and green tariffs. 

 

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2018 was the fourth hottest year on record. Photo c/o http://www.mysinchew.com/

Corporate giants AT&T, Facebook, Walmart, Microsoft, and ExxonMobil are the top five firms leading the clean energy purchase. Facebook, the biggest buyer last year closed several deals that amounted to 1,8495 megawatts. And the social media giant is proud of its accomplishment.Facebook is proud to contribute to the record-breaking year of corporate renewable energy deals. We believe companies can and should set big commitments to drive our national transition to a clean energy future,” stressed Rachel Peterson, vice president of data center strategy at Facebook. 

The impressive figures from global brands only show that large firms are serious about their commitment to a sustainable and clean future according to the CEO of RMI Jules Kortenhorst. These companies are not  going to wait for public policy on climate issues to catch up,“ they are taking the initiative to accelerate toward a prosperous, low-carbon economy, he added.

Clean energy investments worldwide in 2018 was also remarkable. The Bloomberg New Energy Finance (BNEF) noted that investments in clean power last year amounted to $332.1 billion. The figure is eight percent lower than the amount recorded in 2017, but BNEF notes that 2018 was the fifth consecutive year that the investment exceeded the $300 billion mark.

China and the US were the two biggest investing countries with investments of $100.1 billion and $64.2 billion, respectively.

Other countries also recorded high increases in their clean energy investments. The Netherlands, for example, had a 60 percent increase in RE investments at $5.6 billion while South Korea’s jump was at 74 percent with investments worth $5 billion. Even our neighbor, Vietnam had impressive 18-fold growth in clean power investments last year.

It’s not surprising of course that the Philippines is not in the list of countries that saw major increases in renewable energy investments. As I have been saying, our regulatory environment and lack of government support for clean power hamper the growth of renewable power development in the country. Nevertheless, as a clean and sustainable power advocate, it’s gratifying to see that global brands and governments understand clearly the value of renewable power. After all, renewable energy is a sustainable business practice that also helps the world combat climate change. And as I have expounded repeatedly, it will lower power cost for everyone.

When will change come to the Philippines?

References:

https://solarindustrymag.com/report-2018-a-record-breaking-year-for-corporate-renewable-energy-deals/

https://about.bnef.com/blog/clean-energy-investment-exceeded-300-billion-2018

https://www.theguardian.com/environment/2019/feb/06/global-temperatures-2018-record-climate-change-global-warming