By mid-October of this year, 66% of Colorado, the state in which I live, experienced moderate drought conditions, or worse, 29% of the state was in severe drought and 14% saw extreme drought.* Late this past summer, because of the wildfires burning in California, and a few burning in Colorado, we had several days in a row when our air quality was poor. One day in August, our air was ranked the worst in the world. So, whether or not others believe climate change is a problem, I only need to feel the pressure in my lungs and the burning in my eyes or see the thick veil of smog obscuring my view of the Rocky Mountains to understand that something is affecting air, and ultimately, our weather system.
As Adam Grosser, venture capitalist and managing partner of Up Partners, cautions in his article, “There Isn’t Time to Replace America's Transmission Infrastructure,” the damage wildfires are doing to California is a precursor to what we are likely to see throughout the country going forward. Grosser writes, “From years of devastating droughts to long seasons of deadly, out-of-control wildfires, these events are stark reminders that we must change the way we live and interact with our environment.”
Grosser is among the contributing subject matter experts in this issue, who continue the drumbeat that climate change is a serious threat to our future, pointing out the critical need to address aging infrastructure while embracing and implementing green technology.
With the recent passage of the Infrastructure Investment and Jobs Act, it looks like the momentum to mitigate climate change is building. Utilities in the U.S. will now have a clearer path towards upgrading power infrastructure and increased research and development of emerging transmission and distribution technology, which in turn, will benefit energy users. For an industry that has long lamented the lack of a unified attempt at shoring up the old and investing in the new infrastructure, the passage of this bill is welcome news.
However, Grosser makes the case in his article that building the transmission infrastructure the industry requires will cost billions in taxpayer dollars and take time we do not have for these improvements to occur. While Grosser does not brush lightly over his concerns about the work that must be done immediately, while acknowledging the financial toll it will take on taxpayers, he explains early on in his article that he is a “stubborn optimist” who has confidence in his home state of California as well as the innovators in our industry who have developed technologies that can solve the transmission challenges we face.
Grosser’s pragmatic observation that the industry and government must join forces to take immediate action on climate change is beyond what the majority of us can control, but I take comfort in knowing that we no longer are in a position where we can only bemoan the damage natural disasters are inflicting upon our planet, or fret over aging infrastructure that will continue to crumble.
The passage of the Infrastructure Investment and Jobs Act is one avenue that will lead to an improved electrical grid, but industry trailblazers are not sitting by idly waiting for the government to save us. The Connecticut Green Bank, whom we feature in this month’s Grid Transformation Forum, has used public funding to attract private investment for energy projects since its inception in 2011. The nation’s first green bank, the Connecticut Green Bank strives to accelerate green energy adoption in Connecticut by making green energy financing accessible and affordable for homeowners, businesses and institutions.
In this issue, Bryan Garcia, president and CEO of the Connecticut Green Bank, explains his organization’s mission to “confront climate change and provide a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy.”
Garcia talks about their project with the East Windsor Housing Authority, which included the installation of a 39.6 kW solar photovoltaic system for a housing complex that serves low-income individuals and families. The Authority agreed to a 20-year power purchase agreement (PPA), and they’ll save approximately $130,000 on their electricity costs over the agreement term.
For the Connecticut Green Bank to meet its climate goals, Garcia says they will need significant capital, which is why they recently created the Green Liberty Bond, a sub-category of green bonds that offer lower-dollar denomination bonds to individual investors.
As we wind down 2021 and gear up for 2022, it is clear we have a lot of work to do and cannot afford to waste any time to make progress in fighting climate change. There are countless reasons why this is a daunting challenge, but there are also significant steps the industry has already taken, and while the Infrastructure Investment and Jobs Act may provide significantly less funding than is needed for strengthening and securing the power grid, it is an encouraging sign that industry innovators and infrastructure projects have the government and financial support to make headway.
If you would like to contribute an article or if you have an idea about interesting technology, solutions, or suggestions, please email me at: Elisabeth@ElectricEnergyOnline.com
Elisabeth
* https://droughtmonitor.unl.edu/CurrentMap/StateDroughtMonitor.aspx?CO
