The Paris Agreement's goal is to reduce the average global temperature by two degrees Celsius. The plan also includes a $100 billion Green Fund designed to support poorer countries in this transition from fossils to a green energy future.
Former president Trump's mistakenly withdrew in 2017, stating it will cost U.S. jobs in the oil and gas sector. The fact is an investment in clean energy will bring in new jobs that would outlast the oil and gas companies. That is part of why President Biden reentered the agreement, in addition to the fact that U.S. should lead the effort, especially considering we produce 1/5 of all the carbon emissions on the planet.
Current realities in countries and the subsequent postulations by experts echo positive dividends. Projections by think tanks have estimated that by 2050, the developed world would have a less than 20% reliance on clean energy.
Also, France's energy output is 80% from renewable — mostly nuclear power plants. Germany, under Angela Merkel, has approved the construction of several green energy plants, mostly nuclear energy. The Netherlands relies heavily on wind power and an Australian village is powered exclusively by solar energy.
This shift away from fossils is not only found in the public sector, but also the private sector. Tesla, founded by the Elon Musk, is the largest electric automaker. Tesla's subsidiary SolarCity is investing heavily in solar energy. The company has installed and set up several solar energy panels in different parts of the world at market-efficient prices. While they may still cost more than fossils, analysts say the cost will continue to fall as new technology is developed.
This is in stark contrast to the oil situation. Oil is projected to continue falling in the coming years. This, in part, due to the shift towards cleaner energy sources and to the dwindling fossil deposits. It's becoming far more expensive to drill and extract than it once was.
The Trump administration backed the wrong horse, as history will show. Coal and oil are no longer dependable sources of energy. This sector of the economy that administration tried to protect is one already being eliminated by the forces of the free market. Clean energy will provide more jobs than coal and oil ever will.
Even the #BigOil companies realize this inevitable fact and are preparing for a rainy day. Exxon Mobil, one of the biggest oil companies, is setting up green energy subsidiaries in sectors like wind, solar, and biofuels. They know that oil will come to an end, and it will likely be sooner than we all expect.
President Biden made the correct decision to rejoin the Paris Climate Accords, and lead in achieving these climate goals.
