To Fight Climate Change, We Must Invest More in the Right Places
The price of global inaction is high and growing
Sponsored by IEEE Power & Energy Society
Climate change is not a new concern. Scientists have been sounding a steady drumbeat for decades. In 1970, Earth Day was organized as the first large-scale environmental movement calling for the protection of all life on earth. In the 54 years since, over 1 billion people mobilize each Earth Day with renewed enthusiasm for protecting our planet — yet the threat posed by climate change and the need to act grows.
The most important question we must face is whether our current efforts to address such an existential threat are focused on the right investments and funding.
Presently, funding and billion-dollar investments for new climate solutions, grid transitions and clean energy innovations are concentrated in the areas hit hardest by extreme weather. Emerging economies, however, face some of the gravest risks posed by accelerating climate change and extreme weather events. Yet, when tackling the complex issues of climate change response, the international community has not prioritized the unique and growing needs of the developing world.
The range of socioeconomic issues affecting populations around the world — food security, education and health — makes embarking on an energy transition a much steeper hill to climb. Fears of slowed economic growth also inhibit clean energy transitions. Even as the scale and intensity of extreme weather accelerates, fiscal flexibility is dwindling. With overtaxed financial resources, many nations have been forced to respond to natural disasters by deprioritizing climate actions despite the growing threat of extreme weather events.
The price of such global inaction is high and growing.
Take for example two recent hurricanes — Irma and Maria. These two deadly Category 5 hurricanes that swept across the Caribbean in 2017 and caused billions of dollars in damages in Puerto Rico and the U.S. Virgin Islands prompted waves of assistance to communities on the ground. In 2022, FEMA obligated about $32.2 billion and $304.8 million for two grant programs that funded recovery projects in reaction to these climatic events. The nightmare scenario is when future extreme weather events dramatically impact nations and regions that have no means to recover, let alone prepare for the future.
Moving the needle on climate change is no simple task. It will require transforming our energy systems and our economies, overcoming divisive national and global policies, investing significantly and proactively in both adaptation and mitigation solutions, and building a new energy workforce. While the cost of such investment in people and infrastructure may be high in the short term, the long-term climate and human value for global economies can’t be overstated.
Not surprisingly, some may question whether such bold action can be done. The answer, given the experience of U.S. investment in Puerto Rico, is yes.
In Puerto Rico, an island that suffered from the effects of Hurricane Maria, taking well thought out climate and energy actions based on sound engineering principles has been critical. Beyond transforming the energy grid of Puerto Rico to address future climate threats, these efforts have positively impacted economic growth, created good and lasting jobs and will continue to improve the quality of life for local communities.
Looking ahead, as a recent U.S. survey commissioned by IEEE Power & Energy Society (PES) highlights, there is enormous support for embracing experts who will help build a clean energy and climate-ready future. As the survey showed, people trust engineers to find solutions to the issues of climate change, more than organizations, agencies and those in other professions. In fact, 86 percent of respondents recognize that engineers play an important role in environmental protection by developing sustainable energy sources, encouraging energy efficiency, constructing green buildings, monitoring environmental conditions and building a more climate resilient grid.
To effectively address global climate change, we need to put our money where our mouth is. Tackling climate change requires helping every corner of the world to invest in a new energy workforce and build the foundation of experts to prepare their respective nations to meet the perils of climate change.
For IEEE PES, the upcoming Transmission & Distribution Conference will bring together the world’s foremost engineering minds and climate change experts to share insights and discuss paths forward on these most urgent energy challenges. While most may see this as just another conference of experts, it represents a bold opportunity to accelerate change and empower nations to make tomorrow’s grid today’s lasting reality.
As the organizers of Earth Day have made clear: our world needs transformational change that can take many forms. One of them is to invest in the bold, creative and innovative solution — the experts, engineers and people who will help fight climate change. The human seeds we plant today will achieve what we all want — an Earth and global population safe and prepared to adapt to the new normal and proactively mitigate the effects of climate change.
ABOUT Shay Bahramirad
Shay Bahramirad is globally recognized as an industry leader in defining the next horizon of the electric utility industry. Bahramirad serves as the president of IEEE PES, as well as the senior vice president of T&D, Strategy and Sustainability for LUMA Energy. She is passionate about mitigating climate change and driving social equity.
ABOUT IEEE Power & Energy Society (PES)
The IEEE Power & Energy Society (PES) is the leading provider of scientific and engineering information on electric power and energy for the betterment of society and a trusted resource dedicated to the technical, informational, networking and professional development needs of its members. With over 40,000 members around the globe representing every facet of the electric power and energy industry, PES is at the forefront of the rapidly changing technological advancements that impact everyone’s future.
The above column is sponsor-generated content from IEEE Power & Energy Society. Learn more about sponsor-generated content.