Now is the time to invest in the planet, says Kevin Brundish, CEO of solid-state battery startup LionVolt.

Kevin Brundish, CEO of LionVolt

Despite current economic challenges and rising cost-of-living pressures, now is a crucial time to invest in renewable energy infrastructure.

While households and governments face difficult financial decisions, our continued reliance on fossil fuels risks driving more severe economic hardships in the future.

Right now, the price of oil is a central component to the UK’s economy. When oil prices increase, it triggers a ripple effect that drives up costs and prices across many sectors.

But it doesn’t have to be this way. We have an opportunity to break this cycle, by prioritising investment in electrification, including transport, and renewable energy generation. Only then can we start to remove our reliance on fossil fuels.

Governments need to act now and prioritise these investments even in the face of budgetary constraints. Inaction will only lead to more severe consequences further down the line.

Impact of COP29 

As world leaders convene in Baku, it is critical that the top-level agreements and goals will translate into concrete, tangible actions.

Transitioning away from fossil fuels is vital in order to protect the environment and to reduce future economic hardship. One of the main challenges in doing this is ensuring the adoption of electric and renewable technologies.

A key reason for slow adoption and uptake is consumer concerns around the capabilities of these technologies. For example, shorter driving ranges and slow charging times.

The development of next-generation battery technologies, including both lithium- and sodium-based chemistries, is particularly promising. By increasing the energy density of the battery, this technology can improve driving range and speed up charging times. This could overcome current barriers to widespread adoption of electric vehicles and even enable electric aviation.

Greater investment in key technologies, such as the development of the next generation of batteries, is vital for governments to take tangible action to ensure the transition away from fossil fuels.