Group2_D | SDG 7 : Affordable and Clean Energy
Blog Authors:
Group 2, Section D, PGDM (BM) 2020-22 Batch
Devansh Tripathi, Job Joseph, Lakshay Arora, Rishabh Agarwal, Tridib Banerjee, V Lohitha, Wesley John Sunil
Introduction
Affordable and Clean energy is the seventh pillar of the seventeen sustainable development goals outlined by the United Nations in September 2015. Over the years, rampant use of fossil fuel sourced energy has enacted a terrible price on the planet, the effects ranging from air pollution to oil spills to adverse health impacts in ground-level workers such as coal miners. The 5 targets to guarantee access to cost-effective, dependable, and green energy for all by 2030 include widespread access to clean energy; increase worldwide proportion of renewable energy; double the rate of enhancement in energy efficiency; encourage access to research, technology, and investments in modern energy; and expand and upgrade energy services in developing countries. Both governments and private players have also started committing to green energy. For example, Copenhagen is pledged to become a carbon neutral capital by 2025 with its focus on wind and geothermal energy, high general awareness among the populace and policy innovations like exclusive bike routes and free parking for EVs. On the private side, we have initiatives like Apple's Cupertino headquarters being powered solely by renewable energy, partially from a 17-megawatt rooftop solar installation on the campus. Tesla has attempted to resolve the problem of erratic availability of certain energy sources by vast improvements in its battery technology and partnering up with the Australian government. While developing countries like India could certainly benefit from these solutions, a key barrier for adoption in these nations remains the high initial cost. Nevertheless, with a vast section of the population practically choking under polluted air that has been branded as hazardous mostly due to non-renewable energy usage, the incentive to shift is there. With public awareness, policy innovation and private investment, clean energy for the entire world does not have to be a distant dream anymore.
The Relevance of Sustainable Education in the Indian context
India as one of the world’s fastest-growing populations requires huge amounts of energy to support its ever-increasing demand. Agriculture which is the single largest contributor to India’s GDP is becoming increasingly dependent on electricity for irrigation purposes followed by the rapid industrialization in the country. India sources a bulk of its energy from coal, oil and natural gas which require conventionally polluting methods and infrastructure to produce electricity. However, with prices for fossil fuels skyrocketing, the demand for renewable energy sources is on the rise, increasing by 12% per annum. By the year 2022, the country aims to increase its renewable energy capacity by 170 GW of which solar power is expected to contribute 100 GW and by the year 2040, renewable energy will be the second biggest contributor to India’s energy after coal. A high cost per unit of electricity will slow down growth while the pollution caused by fossil fuels make them unsustainable to use over the long term. India is responsible for nearly 6.65% of total global carbon emissions and this number is only expected to rise in the coming years. Unlike most countries however, India is naturally blessed with environmental conditions which are conducive for hydel, solar, wind and tidal energy. In leveraging these resources in a planned manner, India will see both an economic growth in the long term and also improve living conditions and allow sustainable growth of India’s industries.
Business Implications and Responses
Over the last few years, the demand and momentum for renewable resources and clean energy adoption have risen exponentially. Innovation can be seen in all renewable sectors, but more needs to be done so that cheap energy becomes synonymous to green energy. Businesses need to explore the transition to an affordable, reliable and sustainable energy system by investing in renewable energy resources to challenge the world's energy system's status quo and bring renewable resources to the forefront of the affordable and clean energy solution. Private enterprises are responsible for around two-thirds of the world's energy demand. Therefore, it is imperative to subdue the regulatory and technological, and financial barriers to ensure that these barriers do not slow organizations to adopt clean energy sources. Businesses need to act as a driver and investment into clean energy and energy efficiency methods.
The SDGs represent an unprecedented opportunity for companies to achieve broader societal goals and their business goals. The sustainability and corporate strategy towards Clean and affordable energy can be understood by deep diving into the approach, followed by a few companies.
Corning Inc.
Corning Inc. is collaborating with Energy Star to promote Responsible Energy Management within the organization and preserve stakeholders’ confidence and protect the financial health while minimising the carbon footprint and providing healthy lives for people around the world.
State Street Corporation
State Street Corporation has invested in wind farms to help deliver renewable energy and clean power with small-scale wind projects in collaboration with communities. State Street also focuses on transportation, as it greatly adds to global carbon emissions and started offering workers flexible work hours and additional alternative commuting options. These benefits contribute to the well-being of workers and help reduce the environmental impact of commuting.
AstraZeneca
AstraZeneca has implemented solutions to reduce the use of energy and materials and the waste produced by its services and products. AstraZeneca strives to transform carbon negative across the entire value chain, zero carbon emissions from the global activities (sites and fleet), and use 100% of renewable energy for heat and electricity by 2030.
Vodafone Idea
Vodafone Idea has saved 922 MWH of energy to the data center and is preparing to source 3 million green energy units to the data centre. The sustainability programs of Vodafone Idea concentrate on energy efficiency, waste minimisation and the reduction of carbon footprint. Over 19 percent of Vodafone Idea's telecommunications towers were powered by hybrid energy, reducing carbon dioxide emissions by 52,000 tons per year.
RBS(Natwest Group)
RBS wants to build a cleaner, more sustainable economy for the future. It announced that it would use 100 percent renewable energy for all of its electricity by 2025 and demonstrated its commitment by joining RE100, the global corporate leadership initiative led by The Climate Group.
Beam Suntory
Beam Suntory is committed to reducing energy usage in all of its offices and production units worldwide. Beam Suntory workplaces are sustainable buildings and have earned LEED Gold certification (Leadership in Energy and Environmental Design). Noise from outside the building is reduced to a minimum and energy savings are maximized by solar panels.
The SDGs represent an unprecedented opportunity for companies to achieve broader societal goals and their business goals. The sustainability and corporate strategy towards Clean and affordable energy can be understood by deep diving into the approach, followed by a few companies.
Corning Inc.
Corning Inc. is collaborating with Energy Star to promote Responsible Energy Management within the organization and preserve stakeholders’ confidence and protect the financial health while minimising the carbon footprint and providing healthy lives for people around the world.
State Street Corporation
State Street Corporation has invested in wind farms to help deliver renewable energy and clean power with small-scale wind projects in collaboration with communities. State Street also focuses on transportation, as it greatly adds to global carbon emissions and started offering workers flexible work hours and additional alternative commuting options. These benefits contribute to the well-being of workers and help reduce the environmental impact of commuting.
AstraZeneca
AstraZeneca has implemented solutions to reduce the use of energy and materials and the waste produced by its services and products. AstraZeneca strives to transform carbon negative across the entire value chain, zero carbon emissions from the global activities (sites and fleet), and use 100% of renewable energy for heat and electricity by 2030.
Vodafone Idea
Vodafone Idea has saved 922 MWH of energy to the data center and is preparing to source 3 million green energy units to the data centre. The sustainability programs of Vodafone Idea concentrate on energy efficiency, waste minimisation and the reduction of carbon footprint. Over 19 percent of Vodafone Idea's telecommunications towers were powered by hybrid energy, reducing carbon dioxide emissions by 52,000 tons per year.
RBS(Natwest Group)
RBS wants to build a cleaner, more sustainable economy for the future. It announced that it would use 100 percent renewable energy for all of its electricity by 2025 and demonstrated its commitment by joining RE100, the global corporate leadership initiative led by The Climate Group.
Beam Suntory
Beam Suntory is committed to reducing energy usage in all of its offices and production units worldwide. Beam Suntory workplaces are sustainable buildings and have earned LEED Gold certification (Leadership in Energy and Environmental Design). Noise from outside the building is reduced to a minimum and energy savings are maximized by solar panels.
Analysis and the Suggested Path
Despite the fact that clean and affordable energy is the future objective that each nation, government, and association is working for, there are sure provisos to do this too. With growing energy needs, it may be difficult to keep up with the rapid transition to renewables.While trying to meet the goals of Affordable and Clean Energy, we also need to consider other goals which might get affected. To cater to the growing needs, the transition requires a tremendous amount of tradeoff, and that should not be at the expense of ecological and social costs. Below mentioned are the analysis of some alternative energy sources:
Supplementing Green Energy with Nuclear Energy
While the world still grapples between conventional fossil fuels and renewable energy resources like solar wind and hydro, nuclear energy's usefulness should not be discounted. The nuclear industry has come a long way since Chernobyl. We are currently at the precipice of the 4th generation nuclear reactor, with technologies like the thermal and fast reactors that promise safe, efficient and stable energy source with the carbon emissions only as high as hydroelectricity. The relatively low operational cost and long lifespan of the plant can offset the high upfront costs of setting up a nuclear power plant. The biggest hurdle to the adoption of nuclear energy globally is the general public's opposition who have not been informed about the changes incorporated in the system to make nuclear the source of energy with the lowest mortality rate worldwide. Since most politicians make policy decisions keeping public perception in mind, the pace of acceptance of nuclear power has been feeble. The misguided efforts of France and Germany who shut their nuclear plants since the Fukushima incident have only resulted in a higher dependence on fossil fuels. Nuclear power provides steady baseload energy that will be crucial for switching the worlds' dependence from fossil fuels to renewable energy. The energy supplied by renewable sources is intermittent and heavily relies on improved storage solutions like batteries. Since the energy produced by renewable energy is inverse to what is needed by the people during the day/night, nuclear power offers a baseload that will smoothen the demand from the people's electricity grid. Therefore, it is the need of the hour that we come around to using nuclear energy if we want to envision a green future.
Supplementing Green Energy with Solar Energy
Solar Energy is the most affordable form of renewable energy, there is no requirement of Plants for Nuclear Energy, farms for windmills or any kind of dam for hydro energy. Corporates can easily leverage their building rooftops to generate and utilize solar energy. There are government incentives available for cheaper utilization. Private Companies have also done a wonderful job in Solar energy Corporate Social Responsibility. Some of the examples of such success stories are: Atkins rescues classrooms affected by power cuts. In 2019, Atkins installed solar-powered backup systems at two government schools in partnership with Solarify. This program eliminated 7 tons of carbon dioxide (CO2) emissions per year, in addition to providing a healthier learning environment. Power Finance Corporation Ltd has installed solar-based LED street lighting systems and LED-based solar home lighting systems in 8589 households in the villages of Arunachal Pradesh. From delivering drinking water, irrigation, lighting and urban farming, solar power is one of the favorite for MNC’s CSR initiatives.
Path Ahead
There is a rising feeling of environmentalism in individuals now—they are more cognizant about the various types of ecological perils that could influence our future. This has prompted cost reserve funds and move towards sustainable living. Green power has now expected the middle of everyone's attention as an approach to proceed with progress through clean innovation.Stepping up advancement on SDG 7 requires more grounded political responsibility just as thorough empowering structures, long haul energy arranging and expanded public and private financing as a component of post-pandemic stimulus and recovery packages. The capacity of various nations to quicken their advancement on SDG 7 while simultaneously managing a remarkable wellbeing emergency fluctuates extraordinarily as far as accessibility of assets. In this specific situation, the current year's SDG 7 report tracks, unexpectedly, global public monetary streams to non-industrial nations on the side of a spotless and environmentally friendly power. While these streams have multiplied since 2010, they are not yet arriving at those most out of luck. In 2017, just about 12% went to Least Developed Countries (LDCs).
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