We just can't go on like this
These 3 recent events are enough to prove that
I wanted to keep our usual format of 3 stories for this newsletter but then I thought there’s something more important that I need to highlight.
And I decided to dedicate some space for that and skip 1 story this week.
Heatwaves in western Canada and the US, floods in Stuttgart, Germany and a dangerous temperature threshold being surpassed in Jacobabad, Pakistan-
These 3 events show that climate change is not something that would happen in the distant future.
It is happening right now, and we need to take and demand action. By writing 🤷🏽♂️ Not My Problem for the last 25 weeks, I’ve realized that solutions are available.
We need to demand their implementation.
The energy sector, which comprises electricity, heat and transportation is responsible for 73.2% of the total greenhouse gas emission.
Out of this, 25% is generated by industries and 17% is generated by residential and commercial buildings.
Photovoltaic solar energy is already the cheapest source of electricity in history. Yes, it’s cheaper than coal.
An inexhaustible fuel source that is pollution-free and often noise-free is ready to phase out fossil fuels.
But the adoption of solar energy still has some challenges.
And these 2 startups are solving it in their own ways.⬇️
We have a deployment problem…Electricity makes up for up to 80% of the expenditure in the manufacturing industry. Most of this electricity is still generated using fossil fuels- adding to the greenhouse gas emissions. Renewable sources like wind and solar are more accessible today and at a cheaper rate. 2/3rd of the wind and solar power projects built in 2020 will be able to generate cheaper electricity than the newest and cheapest coal plants. Despite this potential, companies in the emerging markets in SE Asia, Africa and Latin America struggle to finance their switch to solar systems.
High interest rates from local banks…and the reluctance of local companies and investors to invest outside their core business are the fundamental reasons behind this struggle. Berlin-based ecoligo is solving this through crowdinvesting- investment-based crowdfunding. In crowdinvesting, the invested amount is returned to each investor with interest and/or profit-sharing. Here’s how it works with ecoligo-
An individual investor can invest as low as €100 in solar projects around the world through ecoligo’s platform.
Ecoligo takes care of the construction, installation, maintenance, operation, and management of these solar projects throughout the duration of the contract.
The income generated from the project’s operation helps to pay back the money to the investors along with interest.
Put your money where your heart is…Apart from helping clients save ~40% on their electricity cost, ecoligo’s solution provides an option to investors to put their money in cleaner technologies, help the planet heal and accelerate the growth of the emerging markets. Private investors can expect a return of 5-8% on their investments and after they have been paid back, the clients get ownership of the solar system.
As I said, we can’t go on like this…In the European Union, energy production and consumption are the largest sources of greenhouse gas emission, accounting for 80% of the total emission. Germany is planning for an energy transition to a low carbon energy supply. Their official goal is to have 50% by 2030 and 80% by 2050. This would also involve taking down the oligopoly of the centralized power stations that have been burning fossil fuel for decades.
Solar homes from Zolar…Zolar is helping to accelerate this transition by focusing on residential energy consumption. There are 16 million detached and semi-detached houses in Germany, and only 1 million have a solar system on their roof. Zolar saw the potential here and was founded with a vision to convert the homeowner’s energy consumption to 100% green energy.
Homeowners can plan, compare and commission photovoltaic systems at a fixed price from Zolar’s website according to their needs.
They can also receive advice from solar experts about the PV system that they want to install on their rooftop.
Once selected, Zolar’s network of local partner companies takes care of the on-site assembly.
Off-the-grid…The installed PV system generates clean energy that can be used to fulfill the electricity needs of the household. It can also be used to charge electric cars. Homeowners can use the power whenever needed and can store the rest. This also makes the houses independent of the grid and shifts the control from the centralized power companies to individual homeowners.
🔍Want to test your knowledge of photovoltaic solar systems?
Try solving the crossword below
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📢 Shoutout to Paridhi who helped me write this edition.
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