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Renewable electricity is a critical component in cleaning up our energy mix – so what can financial institutions do to help renewables thrive ?
WRITTEN BY : ALEX CLERE
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Renewable energy has taken a huge step forward in the last decade . Companies that want to demonstrate their green credentials have embraced renewables as part of their energy mix . This is partly because the sector has shaken off some of the obstacles that inhibited mainstream adoption – although some still remain .
It ’ s normal for emerging technologies to experience slow growth at the beginning of their life , says Mike Penrose , Co-Founder and Partner at FuturePlus , which helps businesses to benchmark their environmental performance and find ways to improve . As emerging technologies scale , they become more affordable , which in turn drives broader adoption .
What challenges are there in adopting renewables ? Renewable energy is often seen as less reliant than conventional energy sources . “ Unlike thermal energy , most renewable energy sources – like wind and solar – are intermittent , meaning their power generation is affected by factors like weather conditions ,” says Kevin Chin , Founder and CEO of investment group Arowana .
But it ’ s not just a question of intermittency : heavy industrial applications , like steelmaking or cement production , often require high-temperature heat , which is challenging to generate using just renewables . fintechmagazine . com 95