Renewable Energy Projects becoming more popular
From Steel Plant to Renewable Energy Projects
GFG Alliance began their project to exploit the unused tunnels of their steel plant to create renewable energy. The $722 million project uses the tunnels for hydroelectric storage, allowing them to attain a reliable and green source of energy.
According to their predictions, this investment into renewable energy will save them roughly $12 million worth of operation costs on an annual basis. GFG also plans on investing into other methods of green energy, including solar power and electricity production from waste gas arising from steel production.
Increasing Trend for Renewable Energy
The demand for renewable energy has been accelerating over recent years, with companies from all sizes deciding on going green and tackling climate change. The most popular way of investing into renewable energy was by constructing on-site power plants which supply the facilities, whilst contracting for supplies to fill the small-scaled power houses for many years.
Green Solution to Lower Costs
The main motivation for large companies such as steel, cement and chemical manufacturers to invest into renewable energy was to decrease their productions costs. Whilst their energy bills are shooting up to the sky due to their costly energy consumption, renewables remedy their situation through their low costs.
Influence of Environmental Laws that Protect Against Climate Change
Other than the need to cut costs, all industries are facing pressure from government policies world-wide, that encourage companies to invest into renewable energy to reduce their carbon footprint. Those organisations that are the biggest polluters within their sector are the most likely to turn to renewable methods to decrease their carbon emission.
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Source: https://www.ft.com/content/e43d7a60-7f7b-11e8-af48-190d103e32a4
