More Countries Are Preparing for the Green Industrial Revolution
Editor’s Note: The Green Industrial Revolution is quickly taking over. And more countries are doing their part to prepare.
Today, Contributing Analyst Jody Chudley from our sister e-letter Wealthy Retirement is here to explain what measures other countries are taking and what U.S. President-elect Joe Biden plans to focus on in his climate plan.
– Kaitlyn Hopkins, Assistant Managing Editor
Around the world, renewable energy is gaining momentum.
United Kingdom Prime Minister Boris Johnson recently announced a bold Green Industrial Revolution Plan aimed at helping the economy recover from COVID-19.
Johnson’s 10-point plan showcases the exact sectors that will see parabolic growth over the next decade.
Here are Johnson’s 10 points…
- A total ban on the sale of combustion engine vehicles by 2030 – plus government support for electric cars and charging stations
- A pledge to quadruple offshore wind power by 2030
- A pledge to boost hydrogen production
- A $900 million investment in new nuclear power, specifically in the next generation of small and advanced reactors
- A $1.75 billion allocation of government funding to insulate homes and public buildings
- A $350 million investment in carbon capture initiatives
- Investments in greener energy alternatives in the aviation and maritime sectors
- A pledge to plant 30,000 hectares of trees every year as part of nature conservation efforts
- To-be-announced plans to incentivize public transport, cycling and walking
- An official pledge to make London the global center of green finance.
In total, Johnson’s new measures have $16 billion of government funds earmarked for the revolution, plus incentives to attract another $62 billion of private investment.
The plan is bold, but here is the interesting thing…
Johnson is the leader of the U.K.’s Conservative Party, which is the group least interested in pushing a green agenda.
The U.K.’s more left-leaning Labour Party heavily criticized Johnson’s plan for not being nearly aggressive enough.
My point is that when even conservative political parties start pushing the “green revolution” this hard, there is no doubt that the renewable transition is about to go ballistic.
More Countries Are Going Green
When we look back 10 years from now, it will be very clear that COVID-19 was the turning point when renewables went from zero to 60 mph in the blink of an eye.
Economies everywhere have been decimated by the pandemic. Governments have rolled out massive spending schemes.
Virtually every country has directed a big chunk of that spending toward the green revolution.
Countries like South Korea, France and Italy have declared billions of dollars in subsidies for rooftop solar panels.
Bailout plans for struggling airlines also included environmental requirements.
Sweden, for example, imposed conditions to reduce carbon dioxide emissions by 25% by 2025 as part of its rescue aid to Scandinavian Airlines.
Oil-rich Colombia just announced a recovery plan that will spend $4 billion on wind, solar, geothermal and hydropower energy.
Morocco’s government plans to adopt legislation to incentivize investments in green energy.
Pick a country, and you will see that it is driving the green revolution with government support. New Zealand, Australia, India, Germany, China, Canada…
I can go on and on. Nigeria’s COVID-19 stimulus plan includes $620 million for a program to install solar home systems for 5 million households.
Now It’s Our Turn
The “least green” COVID-19 response has actually been here in the United States…
But someone is ready to change that.
President-elect Biden has a $2 trillion climate plan that is his most important issue after COVID-19. He is going to be a positive force for transitioning to clean power generation.
The Biden administration is bullish for…
- Energy efficiency plays
- Providers of equipment to railways
- Environmental consulting
- Businesses that help obtain environmental permitting
- Water infrastructure
- Smart technology providers
- And, of course, renewable energy generators.
The key takeaway at this moment is that the green revolution is no longer in the future. Whether you like it or not, it’s here to stay…
So let’s profit from it!