While a low- carbon economy is in the minds of all, there are some obstacles in achieving it. An energy transition is taking pace, though not at the desirable pace. Societal, technological and business factors come in the way of the larger adoption of renewable energy. There is a standard amount of gigajoules consumed on a daily basis that can define a comfortable life. This figure must be between eighty and one- hundred. An average resident in the European Union region goes up to one- hundred and thirty gigajoules, while the figure goes up to two- hundred for Americans. A developing country like India is at twenty- five only, but the figure is set to rise. There are many businesses that want to leverage this drive towards cleaner energy consumption. A radical shift may not be imminent, nor may a carbon tax idea do much good. The solution to this is hybridization. Business innovations need to be carved out where cleaner energy may be combined with conventional sources, to ensure mass viability.

Source:https://www.mckinsey.com/business-functions/sustainability/our-insights/pathways-and-obstacles-to-a-low-carbon-economy

Uploaded Date:29 July 2019