Why have Corporations Not Invested in Renewables Sooner?

Leadership interviews at UN Climate Change Conference to discuss obstacles to renewable investments and examine possible solutions

DUBAI, UAE, Dec. 4, 2023 /PRNewswire/ — Last year’s United Nations Climate Change Conference, COP27, established a need for investment in renewable energy. However, now that COP28 has come around, corporations still hesitate to make the switch from fossil fuels to renewables. Why have corporations not invested in renewables sooner?

As 2023 marks world history, being the warmest year on record, this year’s COP is critical. Critical for encouraging global corporations to invest in renewables to avoid a 3° temperature increase by 2100. The world’s future habitability lies in the hands of today’s businesses and business leaders. Acumen is excited to document these business leaders’ reasons for looking at renewable energy as a site for growth rather than decline, some of these businesses include ASICS, All4Labels and TDK Ventures.

Some of the reasons that corporations may have not invested in renewables sooner are due to uncertain financial returns, regulatory difficulties and a lack of land. In turn, corporations are changing their approaches to renewable energy — innovating the change that should have been made sooner. “We’re going to get to the heart of the matter,” states a spokesperson for Acumen. “We want to understand what it will take to flip the script on conventional dialogues about the need for climate solutions.”

This year’s COP has been riddled with controversy as there was concern over the COP President’s stake in the UAE’s state oil company, Adnoc. Yet, the interview series with business leaders explores the tangible change that can be made by corporations, leading to pledges that outweigh the conflicting interests of COP leaders. Already, one of the initiatives on the summit’s agenda is to triple the world’s renewable energy capacity by 2030, a change that Acumen is excited to document.

COP President, Sultan Al Jaber announces “There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C.” Acumen hopes that conducting these informative and thought-provoking interviews will ignite discussion, inaugurating solutions and the switch from fossil fuels to renewables.

A long-term aim of the ‘phase out’ or ‘phase down’ of fossil fuel usage remains to be established at COP28. Nonetheless, these intimate one-to-one interviews taking place in the Dubai Expo City Greenzone from December 3rd-10th will be an additional beacon of change at this critical stage.

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SOURCE Acumen Media

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