As the world accelerates its efforts to reduce emissions and transition to energy to achieve carbon neutrality, investment in clean energy development is more important than ever. In fulfilling their commitment to leading the fight against climate change, the US and Europe have introduced policies prioritizing clean energy development and recorded positive results.
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| Developing renewable energy helps combat climate change. Photo: GETTY IMAGES |
Committed to leading the fight against climate change, the US has many investment programs to develop clean energy. The US government prioritizes supporting projects to reduce greenhouse gas emissions, one of the causes of global warming.
The $27 billion US Greenhouse Gas Reduction Fund was created under the Inflation Reduction Act (IRA) passed last year.
The proposed fund is intended to replicate the model of more than 20 green banks in states like Michigan and Maryland that invest in residential solar programs...
Non-profit green banks will help reduce the risk of projects in low-income communities by providing financial support and helping attract private sector investment.
Last June, the US government launched a $7 billion grant program to help low-income communities access residential solar panels.
The US Environmental Protection Agency (EPA) recently announced two programs with grants worth $20 billion to promote clean energy investment nationwide, especially in low-income communities, to respond to climate change.
Accordingly, the $14 billion “National Clean Investment Fund” program will fund 2-3 national financial institutions to partner with the private sector to provide finance for tens of thousands of clean technology projects across the United States.
“Students, small business owners, and community leaders with innovative ideas to reduce emissions and accelerate the clean energy transition will now see their projects become reality, creating a clean energy economy for all,” said Vice President Kamala Harris.
Investment in clean energy in European countries also helps many countries in the region reduce difficulties in solving the problem of energy security.
In a recent letter to the European Commission, several business groups urged policymakers to accelerate investment in the energy grid and promote solar power capacity projects to meet climate change targets in time.
Using renewable energy has helped reduce power shortages during recent heat waves.
According to experts, solar power is a particularly suitable solution to cope with the hot weather of summer when the sun's radiation is strongest during the hottest time of the day and the demand for electricity for cooling systems is also at its highest.
Increased solar power output has helped several European countries meet soaring electricity demand this summer.
In southern Europe, Spain and Greece are increasing solar installations as both countries face record high energy prices last year. Spain will add a record 4.5 gigawatts of solar capacity in 2022, according to grid operator Red Electrica.
Solar power contributed nearly 24% of Spain's electricity production in July, up from 16% in July last year.
In Greece, the electricity grid operator IPTO said that as electricity demand rose to its highest level since the beginning of the year, on July 24, solar power met 3.5 GW of the total demand of 10.35 GW.
In Italy, according to Refinitiv data, high temperatures and cooling needs led to peak electricity demand in Sicily on July 24, and solar power met nearly 50% of this additional electricity demand.
In countries with cooler and less sunny weather like Belgium, solar power also meets more than 100% of the electricity demand generated during peak hours...
It can be said that renewable energy has helped many countries "cool down" the power shortage during the hot summer days, in the context of ensuring energy security being one of the top priorities.
Faced with the urgent goal of taking action against climate change, green energy transition is an inevitable trend and also a pillar in current international cooperation.
According to THAI AN/Nhan Dan Electronic Newspaper
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