Kicking off Climate Week SF

Plural Energy is excited to be part of Climate Week San Francisco, a groundbreaking event hosted by Climate One at The Commonwealth Club of California. This summit, celebrated from April 22 to April 26, aligns with Earth Day and features a series of diverse programs focusing on policy, climate justice, and business, particularly as they relate to California and the San Francisco Bay Area.

Influential speakers, including California Attorney General Rob Bonta, State Senators Nancy Skinner and Scott Wiener, and other key figures in climate policy and justice, will share their insights and expertise throughout the event. Attendees will have the opportunity to engage directly with leaders and experts in the field of climate action through interactive sessions and the Action Lounge.

Our team members and advisors will be present throughout the San Francisco area during Climate Week, participating in various events and discussions. This is an excellent opportunity for us to connect with like-minded individuals, share our expertise, and learn from others in the field.

The Urgency of Climate Change

The Intergovernmental Panel on Climate Change (IPCC) is the United Nations’ body for assessing the science related to climate change. Established in 1988, the IPCC provides policymakers with regular scientific assessments on climate change, its implications, and potential future risks, as well as adaptation and mitigation options. The IPCC does not conduct its own research but rather reviews and assesses the most recent scientific, technical, and socio-economic information produced worldwide. The IPCC is widely recognized as the most authoritative source of information on climate change, with its comprehensive assessment reports released every 5–7 years serving as a critical resource for decision-makers worldwide in informing discussions and decisions related to climate change mitigation and adaptation.

The latest IPCC report has issued a stark final warning — the time to act is right now if we are to mitigate the effects of climate change and limit global warming to 1.5°C, a target set by the 2015 Paris Climate Agreement. Across the world, water levels are rising due to melting ice caps, which is estimated to displace 260 million people from their homes. Extreme weather events, from droughts and landslides across Africa to heatwaves and severe flooding in Europe, are becoming more frequent and intense.

The consequences of climate change extend beyond environmental concerns, threatening human societies, global security, and economic stability. The IPCC reports underscore the critical role of renewable energy, particularly solar and wind, in mitigating climate change by reducing greenhouse gas emissions. The reports also highlight the economic feasibility due to the significant cost reductions in renewable technologies and the importance of policy support to realize the full potential of these solutions.

The Power of Solar Energy

The IPCC recognizes the substantial potential of renewable energies, particularly solar power, in reducing greenhouse gas emissions in the atmosphere. Solar power is identified as a key contributor to mitigation efforts. There have been sustained decreases of up to 85% in the costs of solar and wind energy, and batteries since 2010. These cost reductions have increased the economic attractiveness of transitioning to low-emission energy sector transitions.

Limiting global warming will require major transitions in the energy sector, including a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and the use of alternative fuels such as hydrogen. Renewable energy sources, including solar and wind, are central to these transitions. Electricity systems powered predominantly by renewables are becoming increasingly viable, with some countries and regions already having electricity systems predominantly powered by renewables.

The transition to low-emission energy systems, including those based on renewable energy, can have multiple co-benefits, such as improvements in air quality and health. The deployment of solar power has been accelerated across the US and the rest of the world, with significant milestones such as reaching 1TW of global installed solar capacity. This level of solar capacity can generate enough electricity to cover a substantial portion of electricity needs in regions like the US and EU.

The Power Mix

In the United States, solar energy accounted for 3.9% of electricity generation in 2023, and small-scale solar installations on residential and commercial rooftops have seen substantial growth, accounting for about one-third of U.S. solar power capacity. The U.S. generated 238,121 gigawatt-hours (GWh) of electricity from solar in 2023, which is more than eight times the amount generated in 2014. This represents an increase of more than 209,197 GWh or 723% over the decade. In 2023, small-scale solar systems were expected to generate 83 billion kilowatt hours of electricity. The trend is expected to continue, with solar generation projected to account for 7% of total U.S. electricity generation by 2025, up from 4% in 2023.

Contributing to Emissions

Electricity and Heat Production is the largest source of CO2 emissions globally, accounting for about 31% of total emissions. The emissions come mainly from burning coal, natural gas, and oil for electricity and heat. Transportation is the second largest sector of energy use, contributing about 15% of global CO2 emissions. The majority of these emissions come from the combustion of petroleum-based products like gasoline and diesel used in cars, trucks, ships, trains, and planes. Industry is the third largest sector of energy use, with industrial activities contributing to CO2 emissions through the burning of fossil fuels for energy and emissions from certain chemical reactions necessary to produce goods from raw materials.

Both the transportation and industry sectors can be electrified with non-GHG emitting generation like that from solar and wind. Other renewables, including hydropower, biomass, and geothermal, also contribute to clean electricity generation. In the U.S., hydropower contributed 5.7%, biomass accounted for 1.1%, and geothermal added 0.4% to electricity generation in 2023.

“Annual clean energy investment worldwide will need to reach around $4 trillion”

Tackling climate change is undeniably linked to substantial economic considerations. The International Energy Agency (IEA) states that annual clean energy investment worldwide will need to reach around $4 trillion (to more than triple by 2030) to reach net zero emissions by 2050. McKinsey estimates that achieving net-zero emissions by 2050 would require $9.2 trillion in annual investments across the global economy.

However, the IPCC report makes it clear that there are plenty of mitigation options available to us, and meeting our targets is possible with the right ambition. The IPCC reports suggest that having the right policies, infrastructure, and technology in place can enable changes to our lifestyles and behavior, resulting in a 40–70% reduction in greenhouse gas emissions. This indicates the importance of supportive policy frameworks for the deployment of renewable energy technologies.

We at Plural Energy are driven by our mission to combat climate change by accelerating the transition to clean, renewable energy. We recognize that achieving net-zero emissions by 2050 requires a staggering $4 trillion in annual investments, and we are committed to closing this funding gap through innovative solutions, bringing everyone to the table.

Our platform opens up the opportunity for individuals and institutions of all types to invest directly in solar and wind farms, democratizing access to renewable energy investments. By enabling widespread participation in the financing of clean energy projects, we are not only accelerating the deployment of renewable energy infrastructure but also fostering a sense of collective ownership and empowerment in the fight against climate change.

We firmly believe that harnessing the power of collective action and channeling investment into renewable energy is the most effective way to mitigate the devastating effects of climate change. By providing a transparent, accessible, and impactful investment opportunity, we are mobilizing capital at scale to drive the transition to a sustainable, low-carbon future.Join us in this transformative journey as we unite to create a brighter, greener world for generations to come. Together, we can make a meaningful difference in the fight against climate change, one investment at a time. Let us seize this opportunity to invest in our planet’s future and build a more sustainable, resilient, and prosperous world for all.