Could Paris Climate Deal Give Solar a Boost?

By February 16, 2016civic, GOVERNMENT, RESIDENTIAL, solar

Representatives from more than 190 countries recently met in Paris to sign a historic climate change agreement, indicating that the world seems closer to reaching a consensus on the need for constructive steps toward preventing global temperatures from rising.

As part of this effort, Indian prime minister Narendra Modi and French president Francois Hollande announced the formation of an international solar energy alliance of 120 countries, describing the effort as “the sunrise of new hope.”

From powering first world infrastructure to supporting developing economies, solar seems uniquely positioned as one of the technologies that will be integral to fighting climate change. With the formation of the international alliance, this could spell good news for both environmental concerns and the expansion of the entire solar industry.

An “Avant-Garde” Alliance

Led by solar, clean energy efforts have expanded greatly over the last few years. With the industry growing 34 percent over the previous year alone, some projections put 2022 as the year that most of the world’s power may be provided by solar. The alliance, however, seeks to accelerate the process by several years.

“Solar technology is evolving, costs are coming down and grid connectivity is improving. The dream of universal access to clean energy is becoming more real,” said Prime Minister Modi at the climate change summit in Paris. “This will be the foundation of the new economy of the new century.”

Even with this endorsement, the assembled parties recognized that the shift away from fossil fuels would not be easy. President Hollande called the alliance “an avant-garde of countries that believe in renewable energies,” implying that many nations worldwide have yet to recognize the value.

Good for the World, Good for Solar Providers

The coalition has announced its aim to raise $400 million from member countries and multilateral agencies like the World Bank to put towards solar power research, address regulatory issues, and draft universal standards. Simultaneously, solar providers have begun to see gains as both nations and private citizens gear up to embrace the technology.

Meanwhile, solar stocks have surged in the wake of the Paris climate summit.

Saying Goodbye to Fossil Fuels

As the Paris deal is poised to cut global greenhouse gas emissions by half, the coalition represents the promise of a better tomorrow—with the cooperation of one of the most important principles.

India is one of the top polluters in the world—alongside China and the U.S.—and so the promise of generating 40 percent of the country’s power from renewable sources by 2030, with 100 gigawatts coming from from solar, is an inspiration and a sign that change is coming fast.

“In the coming decades,” says German Environment Minister Barbara Hendricks, “the world will have to say goodbye to coal, oil and gas.”

For the world community, this alliance represents hope for the successful full-scale adoption of renewable energy sources—and just in time to prevent additional environmental damage caused by climate change. For solar providers, it means gearing up and working together to address the impending needs.

If you’d like to find out how installing solar panels on your roof can help you drive your electric bill down to zero, contact us today for a free quote.