Renewable energy investment ($ 286 bn) surpassed investment in coal and gas ($ 130 bn) in 2015-16 and estimated to amount to $333 bn in 2018-19. Not just the developed countries, but developing countries like Brazil, Philippines, Mexico, Turkey, Chile, Africa, and India are focusing on renewable energy to phase out fossil fuels. Solar has obviously become the world favourite in a short span of time, showcasing its feasibility, low maintenance, prolonged lifespan and easy to install attributes.
The Looming Threat
It is important to note that oil and gas investment in 2016 was close to $ 522 bn, although it was down from 2015’s investment ($ 595 bn), it was still higher than renewables. Therefore, it is apparent that to push out fossil fuels, which is not just an option but a necessity now, the world would require more effort and aggressive investment initiatives.
Consistently deteriorating air quality is a serious issue brought on by fossil fuel usage. Not only developing countries but, even developed countries cannot seem to get out of this bind, since they share the environment with rest of the world. Cities of the world that are spewing most of the fumes are- Zabol (Iran), Gwalior (India), Allahabad (India), Riyadh (Saudi Arabia), Al Jubail (Saudi Arabia) etc. Within 2016, 6.5 million people suffered and lost their lives due to air pollution and contaminants. Increasing air pollution has great impact on children as well, which is clearly indicated through the raise in children mortality rate (stood at 1.7 million in 2016).
Global relative losses of wheat due to air pollutants is estimated to be 7%–12% and reducing in rice production stands at 3%–4%. Cities like Los Angeles, and London have also suffered from increasing sir pollution during 1940–1960. However, USA has made great strides in changing the scenario for its cities and created regulatory framework, institutional mechanisms, and policy interventions that have proven to bring down pollution easily.