September 30, 2022 3:58 pm Published by

We all know renewable energy aims to benefit the environment, but what about your wallet? With the cost of living crisis being at the centre of all our attention, could investment into renewable energy assist with the crisis? Recent findings and predictions show that this industry is growing rapidly – and could be well worth your time (and money).

Switching to Renewable Energy Saves Trillions, New Study Finds

A study from Oxford University determined that switching from fossil fuels to renewable energy could save the world as much as $12 trillion by 2050. The study claims that going green now makes sense as renewable sources of energy become more accessible, thus lowering the overall cost of switching. The report further compares the cost of both sources of energy throughout their lifetime of being documented; whilst fossil fuel records go back over a hundred years, renewable energy’s only goes as far back as just a few decades. The cost of fossil fuels has (accounting for inflation), relatively, stayed the same, whereas in a fraction of the time of the older industry, solar and wind energy prices have fallen dramatically, nearing almost a 10% decline per year. 

The Oxford report also critiques previous findings, saying they may have grossly-overestimated the initial costs of the switch. For example, in 2019, the then-Chancellor of the Exchequer projected that reaching net-zero carbon emissions for the UK by 2050 would cost more than £1 trillion – the study says that, not only is this overestimated, but has since deterred action from being taken. 

So, what does this mean? “Our central conclusion is that we should go full speed ahead with the green energy transition because it’s going to save us money,” Professor Doyne Farmer from the Institute for New Economic Thinking at the Oxford Martin School said. By benefiting both the climate and the economy, renewable energy seems like a no-brainer – and the previous predictions on short-term costs may need to be taken with a grain of salt. Green energy is complex and vast, but it’s begun to play a crucial role in our future, and could potentially ease the pressure on the national cost of living crisis. 

“We’re Making Earth Our Only Shareholder.” Patagonia Founder Gives Away Company, Profits Go to Fight Climate Change

Yvon Chouinard, famous climber and founder of outdoor gear company, Patagonia, has relinquished his ownership of the company and redirected profits directly to the fight against climate change. The 83-year-old billionaire announced that Patagonia is now owned by a trust and a new nonprofit organisation dedicated to protecting nature called the Holdfast Collective. The company expects to contribute roughly $100 million each year via an annual dividend. 

This is a huge, public move, although Chouinard is known for his distaste of capitalism, publicly stating that he never wanted to be a businessman (let alone a billionaire) and has no respect for the stock market. But the initial donation with moving Patagonia’s fortune over to the climate itself and with the planned annual dividend, he’s become a major player in green philanthropy. 

Environmental solutions (including technology) have seen a massive increase in investments and public interest. Although Yvon Chouinard formed his business around his personal love for the environment, this relinquishment proves that the planet is open for business itself – and, furthermore, that the redirection of funds may prove beneficial to the entire world, something that may offer insight into the cost of living crisis.

2021 Broke Records for Tech Investment

The UK government has revealed that £29.4 billion was invested into technology startups in 2021. That’s 2.3x more than 2020. Over 72% of that investment came from outside the UK, with the majority being from the United States. This surge has left investors to identify what is driving the massive increase in the sector and how this growth can be harnessed. 

The UK’s continental tech dominance is seen through its global growth, second only to the US in early-stage tech development. The interest from the leader of technological advance, the US, is also a major indicator of the UK’s place on the stage. Chancellor Rishi Sunak credited generous tax benefits from UK venture capital (VC) schemes, alluding to their key role in rebuilding the UK economy through mutually-beneficial plans for start-ups and investors.

If investors and government figures plan to harness this boom, can the public? The UK’s cost of living crisis is seeing many households struggle to make basic ends meet with little help from decision makers. With numerous reports of thriving sectors bringing in massive income and repertoire for the UK, paths to utilising this growth in favour of easing the pain from the everyday wallet could prove beneficial in more ways than one. Green tech, by nature, aims to help our planet, but as a thriving sector of the technology industry, funding could even further assist the world.

Tomorrow Matters is the environmental technology event of the year. Hosted by us in London on October 26th, this unique conference connects every key figure of the sector – investors, educators, CEOs, leaders, government figures – to discuss, delegate, and invest in a better tomorrow. To get your foot in the door, share insight, or simply learn about green technology, secure your place at Tomorrow Matters today and join us!

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Still interested in more? Check out these blogs:

‘The Latest Good News in Environmental Tech’

‘Sparking Change with Renewable Energy’

‘Here’s what to expect at Tomorrow Matters’

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