With the war between Russia and Ukraine intensifying, countries around the world are preparing for change. There is significant turbulence in the global energy markets as a result of the invasion – making the case for renewables even more pressing.
A drastic shift away from fossil fuels and towards renewable energy is vital in the fight against climate change. This has become even more essential for businesses trying to avoid high energy costs and inefficient supplies. Aside from the immediate advantages of renewable energy into the workplace, businesses can also reap rewards in the long-term.
As well as bringing obvious environmental benefits, renewable energy could be a real saviour for businesses that are currently experiencing energy turmoil in several ways…
More stable energy costs
The cost of gas is hitting a new record since Russia invaded Ukraine. And with oil prices soaring beyond its previous highs of 2008, the energy markets can be pretty worrisome to navigate.
While businesses may incur some upfront costs when switching to renewable energy sources, the benefits largely outweigh the drawbacks. Using fossil fuels to power buildings and equipment is not only damaging to the planet, but it can be financially unsustainable too.
With onsite generation, excess or unused power can also be sold back to the grid, adding to the financial benefits of renewable energy. Onsite generation and energy storage are quickly becoming more viable options for businesses in terms of financial savings – and gives you the added reassurance of energy independence.
Get ahead of the curve
To stay competitive, businesses will have to adopt clean energy strategies. As climate action becomes increasingly vital across the world, you may find some businesses engaging in ‘greenwashing’ practices. This gives the appearance of going green through PR and labels, rather than making a real leap towards a more sustainable future. While this may seem like an easy solution right now, ‘greenwashed’ businesses will experience repercussions as we near net zero deadlines.
Other than providing clients with the best possible service or product, a business should be transparent about its ethics. Assuring clients and investors that your values align with environmental issues is a great way to boost relations and secure future funding.
By procuring green energy or generating onsite generation, businesses can take control of their impact on the planet. The reputational benefits of this, as the UK transitions to a net zero economy cannot be overlooked.
Generate jobs and stimulate the economy
Investing in renewables encourages growth within the energy industry, and in turn generates new jobs within the sector. As more businesses join the journey to a greener future, the renewables sector will grow exponentially.
Solar energy and hydropower are among the sources which create the highest number of jobs. In 2016 alone, 9.8 million jobs were generated within the renewables sector. This number has continued to grow throughout the years as renewables fall into higher demand.
Renewables may also be responsible for powering an economic recovery after Covid-19. According to the International Renewable Energy Agency (IRENA) green energy could lead to a global GDP gain of almost £80 trillion between now and 2050. For this reason, IRENA is urging governments to make the switch to kickstart this economic recovery.
How can we help?
While the turbulent energy market may seem daunting, sourcing your own energy doesn’t need to be. Understanding the potential of renewable energy and how it could impact your business is the first step.
At Monarch, we focus on helping our clients to reach their net zero goals. With more than 30 years of experience, we can find the most effective solutions for your business, tailored to your individual energy consumption. We want to make becoming sustainable easy for everyone. Our transparent, green procurement strategy can help you on your journey towards sustainability.
Get in touch to hear more about how Monarch can help you to become sustainable, all year round.
And download our renewable energy guide to find out more about renewables and how they could accelerate the UK towards its net zero goals.