Day 5: “Renewable Energy”

From the Insuring The Transition “sustainability insights” advent calendar

Thanks on Day 5 to Md Mohiuddin (Moon) Hossen, MCMI for “Renewable Energy”

Title: Deciphering #Sustainable Jargon: Key Terms Redefined for #Insurance Leaders — DAY 5 📚

Renewable Energy:
According to UN, #renewableenergy is energy derived from natural sources that are replenished at a higher rate than they are consumed. Sunlight and wind, for example, are such sources that are constantly being replenished. Renewable energy sources are plentiful and all around us.
Fossil fuels — coal, oil and gas — on the other hand, are non-renewable resources that take hundreds of millions of years to form. Fossil fuels, when burned to produce energy, cause harmful greenhouse gas emissions, such as carbon dioxide.
Renewable energy makes economic sense because circa $7 trillion was spent on subsidising the fossil fuel industry in 2022. These subsidies encompass explicit financial support, tax benefits, and the unaccounted costs of health and environmental damages associated with fossil fuels.
In contrast, an annual investment of around $4 trillion in #renewable energy, covering technology and infrastructure, is required until 2030 to achieve #netzero #emissions by 2050.
While the initial costs may seem challenging, particularly for countries…