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Powering the Clean Energy Transition: 5 Critical Approaches

The urgent shift from fossil fuels to renewable energy is essential to tackle climate change. Here are 5 key ways we can accelerate this transition:

Reform Fossil Fuel Subsidies

Global fossil fuel subsidies exceeded a staggering $5.9 trillion in 2020, or over $11 billion per day. These subsidies artificially reduce prices, encouraging wasteful consumption and hindering renewables. Phasing out subsidies and shifting support to clean energy would significantly advance their competitiveness. It would also deliver economic benefits, reduce healthcare costs from pollution, and advance equality. Phasing out all licensing, expansion, and public financing support for fossil fuels is an urgent priority. Leaders must commit to ending international and domestic subsidy regimes that continue driving climate change.

Scale Up Renewable Investments

Global fossil fuel subsidies exceeded a staggering $5.9 trillion in 2020, or over $11 billion per day. These subsidies artificially reduce prices, encouraging wasteful consumption and hindering renewables. Phasing out subsidies and shifting support to clean energy would significantly advance their competitiveness. It would also deliver economic benefits, reduce healthcare costs from pollution, and advance equality. Phasing out all licensing, expansion, and public financing support for fossil fuels is an urgent priority. Leaders must commit to ending international and domestic subsidy regimes that continue driving climate change.

Share Clean Energy Technology

Enabling global access to renewable technologies by reducing intellectual property barriers can help proliferate solar, wind, battery storage, smart grids, electric vehicles, and green hydrogen worldwide. This is critical for equitable climate action, particularly in the developing world, where energy poverty persists. Governments and companies must foster international collaboration and knowledge transfer for renewable technologies to become a global public good.

Expand Raw Material Supply Chains

Sustainably ramping up global mining and manufacturing capacity for renewable energy components will facilitate faster deployment of technologies like solar panels, grid infrastructure, and electric vehicles. Responsibly expanding battery mineral supply chains for storage technologies is especially crucial. While complex, greater investment and coordination can build inclusive, ethical supply chains that both protect ecosystems and provide good jobs.

Reform Domestic Policies

Nations must implement stable, long-term policies that incentivize rapid renewable energy development, remove red tape on projects, and set ambitious emission-reduction targets. Well-designed policies stimulate private sector investment and innovation to scale renewables to over 60% of global electricity generation by 2030. Policymakers must also support workforce retraining and ensure the renewable transition is just and equitable.

Solar energy, now the cheapest electricity source, can significantly expand under these measures. For example, we at GAIN Renewables provide leading commercial solar energy services to accelerate the transition. We also just launched a $100 million fund to advance solar, storage and EV charging growth for accredited investors. The renewable transition is achievable through these critical shifts. To learn more about our commercial solar services or investing in our fund to drive renewable growth, please get in touch at tad@GAINrenewables.com. With determined leadership worldwide, a renewable-powered future is within reach. Our climate future now depends on rapidly winning the clean energy transition.

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