The transition to renewable energy sources, such as wind and solar, is a significant shift that is being compared to the tipping point of Thomas Edison’s electricity revolution in the 1950s. While 87 countries have reached a 5% adoption rate of renewable energy, it is not yet considered a universal tipping point. This transition requires the use of flexible sources of power, such as coal and natural gas, to address the challenges of cleaning the grid and making the switch to renewable energy sources. The cost of batteries, which are used to store excess power and deploy it during peak hours, has only recently become competitive, making it a viable option for many countries.
In addition to expanding the use of renewable energy, there is also a focus on reducing greenhouse gas pollutants to net zero in more than 70 countries. This requires both expanding and cleaning the power grid, which is a significant challenge. One potential solution to replacing fossil fuels for heating, which accounts for 50% of global energy consumption, is the use of electric heat pumps. While these may have a higher initial cost, they have become more efficient and less expensive in recent years, and government subsidies can help offset the cost.
The adoption of electric vehicles (EVs) is also on the rise, with the US being the 19th country to reach the EV tipping point. EVs may have a higher upfront cost, but the cost of ownership is often less than that of traditional vehicles due to the savings on fuel. Full article from Bloomberg
In Los Angeles, the shift towards renewable energy sources and electric transportation is evident. The city has set a goal of transitioning to 100% renewable energy by 2045, and has implemented various initiatives to promote the use of EVs, including installing charging stations and offering financial incentives for residents to switch to electric vehicles. As the world continues to make strides towards a more sustainable future, Los Angeles is playing a significant role in the transition to renewable energy. Full article from Bloomberg