The use of renewable forms of energy remains the best solution
As Walter Hatak, Head of Responsible Investments at Erste Asset Management, points out, there is no perfect solution when it comes to finding the energy of the future. Whether solar energy, wind power or hydro-electric power – every energy resource always comes with certain downsides.
“Instead of burying our heads in the sand, however, we are in a position to choose the best possible alternative, to take the future into account in our planning, and to learn from past mistakes,” Hatak emphasises.
The use of renewable energy remains the best solution, along with research into the use of new energy sources such as hydrogen.
WWF Austria also emphasises the urgency of expanding renewable energies: “The expansion must take place quickly and cannot be at the expense of nature. Both are possible.”
In addition to switching to more sustainable forms of energy, more efficient use is also necessary.
Ambitious political plans
The year 2022 was also a gamechanger in terms of energy supply. The Russian war of aggression in Ukraine caused an energy crisis and ruthlessly revealed the dependence on fossil energy imports.
The European Union (EU) presented REPower EU, an ambitious plan to diversify energy supply and make it fit for the future. In the USA, the Inflation Reduction Act was passed in the summer, which stipulates billions of dollars in investments in green energies.
The political tailwind can be a decisive step in the energy transition. “We can only hope that politicians take their ambitions seriously,” comments fund manager Alexander Weiss in an article published in Erste Asset Management’s ESG Dossier on the energy of the future.
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