Every historical energy transition has been a difficult and complicated one. When burning firewood was no longer enough to fulfil humankind’s energy needs, we had to introduce disruptive technologies: coal-fired boilers, hydropower, oil and then natural gas fuels. These were costly changes to the existing systems but the benefits greatly outweighed the costs in the long run. We are still living with these basic technologies that are now, in some cases, well over a century old. We have made monumental improvements but it is clear this is no longer enough. Humankind is now facing the new mandatory update to ensure its survival and economic growth.
Inertial, status-quo, forces will be the hardest to overcome but, as history has shown, they will not prevail. The reason is clear: renewables are economically viable and essential to growth. With the electrification of the transportation systems, energy demands are migrating to mostly electrical needs. The average global cost of most renewable sources (except for concentrated solar power) is well within the range of fossil electricity generation of 0.05-0.16 USD/kWh1. The renewable energy sector now employs over 11 million people worldwide. The proliferation of technologies will only improve the economics and displace the current methods. Any and all companies not adapting to this new reality will be left behind.