Sustainability Economics Workshop at Climate Week NYC 2024 highlights Clean Energy Solutions for the future
Sustainability Economics hosted a pivotal workshop at One World Trade Center as part of Climate Week NYC 2024 on September 26th, focusing on the urgent transition to clean energy. The event, spearheaded by CEO and Co-Founder Kasu Venkata Reddy, set the tone for a day of critical discussions around decarbonizing the global economy.
After the introduction from Mr Reddy, the event commenced with its first-panel discussion titled “Reality check on the readiness of clean energy sources to replace traditional CFPPs as a round-the-clock source.”
The panel featured experts from across the globe, including Arun Mahesh Babu, Managing Director of Gujarat Power Corporation Limited; Paul Jacobson, President of Clean Energy Bridge; Sarah Kurtz, Professor at the University of California Merced; Roderick Jackson, Laboratory Program Manager for Building Technologies at the National Renewable Energy Laboratory (NREL); and Divya Sood, Head of Regulatory Affairs at the Independent Power Producers Association of India and consultant at SINGHANIA & CO.LLP Solicitors & Advocates.
The panelists tackled critical questions regarding the reliability of renewable energy sources, such as solar and wind, in replacing coal-fired power plants as 24/7 energy providers. They discussed the role of advancements in energy storage technologies, regional energy integration, and policy-driven incentives to ensure smooth transitions in both developing and developed economies.
Sarah Kurtz emphasized that while solar energy remains the most abundant energy resource, combining solar energy with energy storage technologies and wind power offers a promising path forward. “In California, we’ve seen the immense potential of solar power, but integrating storage solutions will be key to meeting round-the-clock demand,” she noted.
Arun Mahesh Babu highlighted India's approach, particularly in Gujarat, where the world’s largest solar-wind hybrid park is being developed. He stressed the importance of large-scale renewable projects, paired with strategic investments in pumped hydro and long-duration battery storage to ensure stable energy supplies.
While renewable energy has made significant strides, further investment in both infrastructure and technology is required. Paul Jacobson remarked, “Renewables offer great potential, but the key lies in a modular, phased approach where storage solutions smooth out the variability in energy production.”
The conversation also touched on green hydrogen, where Arun Mahesh Babu emphasized India’s commitment to producing 500 million metric tons by 2030, with Gujarat dedicating significant land to its development. He noted that India’s push toward hydrogen and ammonia storage is part of the country's broader energy diversification strategy.
The discussions underscored the complexity of transitioning from traditional coal-fired plants to renewable sources and the immense opportunities for clean energy.
The event concluded with a focus on global collaboration highlighting the need for regional and international partnerships to build resilient, renewable energy systems that support the energy demands of growing economies while addressing climate concerns.
