Gregory Wetstone, the President and Chief Executive Officer of the American Council on Renewable Energy (ACORE), underscored the stability of renewable power prices in contrast to the volatile prices of natural gas.
In his recent meeting with the media, Wetstone elucidated that businesses that have invested in renewable energy are less susceptible to the effects of global markets, as the cost of renewable energy has remained constant.
The discussion centered primarily around the economic implications of transitioning to a green economy in the United States.
‘Our esteemed board of directors comprises some of the most influential companies in the global marketplace, including Amazon, Google, Meta, Bank of America, BlackRock, and others. Over the past five years, we have witnessed firsthand how investment in renewable energy has spurred significant economic growth. As we continue to expand and evolve, our primary objective is to build upon this momentum and contribute to the ongoing fight against climate change’, Gregory Wetstone said.
He added that the significant investment in renewable energy in the US is noteworthy as it has been around $50bn annually for the past five years, focusing on the renewable sector and related technologies like energy storage.
'While I can't speak to what other countries may need to change, the demand for renewable power has been strong. Big companies have found that relying on renewable energy is less expensive. When you commit to a contract, you only pay for the capital investment to build a wind or solar project and have no fuel cost. This leads to more certainty, and changes in other areas won't affect your pricing', Gregory Wetstone noted.
‘Businesses that had invested in renewable power saw that their prices remained stable and unaffected by the increase in natural gas prices. This is because the cost of renewable energy has not increased, making us less vulnerable to the impacts of global markets. This is an essential step towards greater independence for our energy sector. We are fortunate that the economics of renewable energy have continued to improve over time. Today, solar power costs just a tenth of what it did a decade ago, and wind power is now about 70% cheaper. So renewables have been very competitive economically, making this easier.'
‘It's really interesting to think about how renewable energy sources have become more cost-competitive over time,’ Gregory Wetstone shared. ‘Technological advancements and economies of scale have played a big role in this progress, and the best part is that we can all benefit from it now. This process dates back to the early 90s in our country, and it's been over two decades since the first wind and solar projects were initiated. Looking back at the old windmills, we can see how far the modern industry has come. It's imposing to see major players like Amazon leading the way in creating renewable demand wherever they have data centers or shipping centers. And they're not the only ones - many other top American companies are also embracing this global phenomenon, which is helping to move us towards a more sustainable future.’
What is the primary alternative energy source in the United States?
‘The focus has primarily been on wind and solar power as they grow and expand. Solar is growing faster than wind, but wind power has already been integrated into the grid. Energy storage batteries are also crucial in helping to make the grid more renewable, and investments in this technology are increasing. Offshore wind power is a relatively new development but poised to proliferate.
While smaller-scale technologies like geothermal are more limited by the availability of resources, wind, and solar are the primary focus. However, there is openness to other technologies that may emerge. As for the transition to renewable energy, the most significant impact has been felt in coal communities where jobs have been lost.
However, the number of jobs created by installing and constructing solar and wind facilities has far outpaced the job losses in the coal industry. We have about 500,000 jobs now in the renewable power sector, and we lost 50,000 coal jobs over the years.
While only some people working in the coal industry can find a job in the renewable sector, there are training programs and incentives to help these communities.
While the oil and gas sector in the U.S. has yet to be significantly impacted, it's clear that we cannot continue to use fossil fuels at the same rate if we want to protect the climate for future generations. We know that we need to transition to a cleaner economy, and while it may require some adjustment, it's a necessary step to protect our planet. We are attentive to climate scientists' message and committed to doing our part to address this critical issue’.
Concerns have been raised by scientists regarding the potential impact of solar panels on the surrounding environment. They believe that the installation of solar panels may have an impact on the local ecosystem and the animals residing in the area. What are your thoughts on this matter?
‘This subject is related to land use; if you cut down a forest and put solar panels there, you don't have the same ecosystem, and that's true. But this is a minor concern compared to the negative impact of using fossil fuels. With oil and gas facilities, air and water pollution can harm the health of plants, animals, and people in the surrounding area. So while we should be mindful of the impact of solar panels on the environment, transitioning to renewable energy is still the best course of action for the planet and its inhabitants’.
What percentage of alternative energy is currently being utilized in the United States?
‘The United States has produced 40% carbon-free energy within its electricity grid. The Energy Information Administration reports that nuclear power contributes to 18% of electricity generation, while renewable energy accounts for 21.8%, including hydro at 6.2%, wind at 10.2%, and solar at 3.4%. It is important to note that hydro, wind, and solar are considered genuinely renewable sources, whereas nuclear energy is distinct. Renewable energy has experienced the most substantial growth of any sector in recent years, and solar power has exhibited remarkably rapid expansion’.
What kind of energy is the building of ACORE using?
‘Our building is located on the D.C. grid, and Washington D.C. has set a goal to be carbon-free by 2032. A combination of wind, solar, natural gas, and nuclear energy powers the building.’
Reportedly, under Gregory Wetstone’s leadership since 2016, ACORE has made significant progress in improving its organizational health, visibility, and efficiency in fulfilling its mission. As the head of ACORE, Gregory oversees strategic planning and core activities, including government affairs, communications, research and analysis, executive programs, market expansion priorities, signature events, and fundraising efforts.
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