- A recent report published by the IEA revealed that global carbon emissions rose by 0.9% YoY in 2022, hitting a record 36.8 gigatons
- With households accounting for 30% of global greenhouse gas emissions, GeoSolar Technologies has focused on building out renewable energy solutions for homes
- U.S. households have been slow to adopt renewable energy. As of 2020, only 3.7% of U.S. households derived their electricity from solar energy versus nearly 33% in Australia
- The recently passed Inflation Reduction Act (“IRA”) in the U.S. will seek to augment that figure in the U.S., with homeowners able to benefit from an array of tax credits and rebates on any purchases of energy efficient technology
Global carbon emissions hit a new record in 2022 according to a newly published report by the International Energy Agency (“IEA”), with emissions of the greenhouse gas rising by 0.9 percent year-over-year to 36.8 gigatons – the physical equivalent of 3.6 million fully loaded aircraft carriers (https://ibn.fm/pz1e9). What makes the statistic even more remarkable is the context under which it was achieved. China emits 27 percent of the world’s carbon dioxide output and accounts for upwards of a third of global greenhouse gas emissions, yet for much of the past year, the nation’s economy has found itself at a virtual standstill – a byproduct of the Chinese government’s stringent Zero Covid policies. Accordingly, the publication of the IEA’s report has been met with some consternation by the global scientific community.
“Any emissions growth — even 1% — is a failure,” said Rob Jackson, a professor of earth system science at Stanford University and chairman of the Global Carbon Project, an international group. “We can’t afford growth. We can’t afford stasis. It’s cuts or chaos for the planet. Any year with higher coal emissions is a bad year for our health and for the Earth.”
GeoSolar Technologies (“GST”), a Colorado-based climate technology company pioneering an approach into clean energy solutions for households, has centered their corporate mission around reducing household carbon emissions – a critical objective in terms of achieving global Net Zero ambitions. Through the introduction of its proprietary SmartGreen™ Home system, an environmentally friendly, renewable energy focused technology designed to harness energy from the earth and sun to power and purify homes and automobiles without the use of fossil fuels, GeoSolar have looked to tackle the astounding thirty percent of global greenhouse gases generated by households every year. Moreover, and during a time of increasingly elevated electricity costs, the Company revealed that the average GeoSolar-powered home could result in a negligible carbon footprint with homeowners disbursing less than $100 per annum in utility bills (https://ibn.fm/MTMOg).
Nonetheless and despite GeoSolar Technologies’ ambitions, green energy adoption amongst U.S. households has been slow to take off. As of 2020, only 3.7% of U.S. homes generated electricity from renewable power sources – predominantly, small-scale solar arrays (https://ibn.fm/3cwkc). That is a marked difference relative to other parts of the world. In Australia, nearly one in three Australian households boasts solar panels – the highest penetration rate in the world. In fact, and if one were to combine Australian household solar capacity with the nation’s 11GW of large-scale solar plants, solar energy would already be classed as Australia’s largest fuel source for electrical power – a remarkable feat for a country possessing 15% of the globe’s thermal coal deposits. Nevertheless, this was not always the case. It took approximately 10 years for Australia’s households to reach their first 10GW of solar energy generation capacity; by comparison, the second 10GW of installed capacity took a mere four years.
GeoSolar Technologies has positioned itself to capitalize on a similar trend in the United States, an ambition supported by the U.S. Government’s recent policy initiatives. Under the newly passed Inflation Reduction Act, which has come into effect at the start of the year, consumers and homeowners are able to benefit from an array of rebates and tax credits towards their purchase of energy-efficient items, including appliances, electric vehicles and solar panels. In fact, homeowners could be eligible for rebates amounting to as much as $14,000 for the purchase of energy-efficient items, with the largest credits and rebates available for heat pumps, a high-efficiency system that heats and cools homes in place of conventional furnaces or air conditioners (https://ibn.fm/5HGNL).
The act has already started to have a dramatic effect, both on solar energy installations as well as on the adoption of green energy home solutions, such as the ones offered by GeoSolar Technologies. Solar accounted for 45% of all new electricity-generating capacity added to the U.S. grid through the third quarter of 2022, more than any other electricity source (https://ibn.fm/kfPiP). With the U.S. at the cusp of a household-focused green energy revolution, GeoSolar Technologies looks well-positioned to capitalize on the growing trend.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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