House introduces bipartisan bill on AI in banking and housing
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more...The clamor for sustainable energy seems reasonable for many people. After all, there are many studies that show the effects of climate change, and we don't even need to see a lot of research to understand the consequences of pollution--it is happening in our very own communities.
However, the question begs to be asked--is sustainable energy, or even the rush to transform the world using sustainable resources--something that brings a positive effect? It turns out that the answer is more complex than a resounding "yes".
According to lawyer and energy expert, Douglas Healy, the metamorphosis from using traditional energy into sustainable energy should be gradual rather than hasty. Mr. Healy emphasizes the points that help us understand why renewable energy companies should proceed with caution in replacing conventional ones.
Douglas Healy believes that one of the most important things to consider in the transition from conventional to sustainable energy sources is the budget needed to do so. In 2019, the US budget allocation was divided into some of these categories:
By placing too much of the budget in the creation of sustainable energy resources, there may be lesser budget for many of the country's other priorities. Although it was mentioned that the present government has an agenda of being a global net energy resource, it is still essential to take this path in a more careful, planned manner to avoid possible economic and infrastructure pitfalls.
Another thing to consider when transitioning to renewable energy is the technology needed to make it possible. Conventional forms of energy such as coal or fossil fuel have been reliable for centuries, and trying to shift toward newer, avant-garde sources may lead to the following problems:
These are just some of the barriers that prevent communities to fully transition into renewable energy sources. However, with technological advancements over the horizon, a slow and gradual approach may be the best bet in order to improve sustainable energy mechanisms without compromising the supply of power.
Fossil fuels continue to be the major source of energy over the world. As much as 80% of businesses, infrastructure, and operations rely on fossil fuel energy at present. Quickly shifting to renewable energy sources may not only be catastrophic to the government and individual households' budget, but it can also lower the productivity of the operations initially accomplished through fossil fuel energy.
Mr. Healy believes that it is not a matter of black and white choice versus sustainable and traditional energy sources. Like two ends of a balancing scale, removing one side abruptly could lead to undesirable effects. By slowly taking down fossil fuel sources while replacing it with sustainable energy as technology develops, it is possible to have the complete transition without disrupting the processes that rely on the initial power sources.
Just because the majority echoes the narrative that "green is better", the ways in which we achieve a 'greener earth' may not always be the best process. Thus, meticulous planning of where and how we will place renewable energy powerplants is of utmost importance.
There are two types of sustainable energy sources, one which needs centralized plants, and those which need decentralized establishments. Without a plan in mind, the creation of these plants may be done unwisely that it may lead to skyrocketing costs or an inefficient system.
Engineers, innovators, and all other key stakeholders must congregate and contribute with their knowledge and resources to make sustainable energy affordable and a realistic alternative to traditional sources. This, Mr. Healy believes, takes time and effort to accomplish in its full effect.
No doubt, sustainable energy is the way to go--its benefits towards climate change and the environment are worth pursuing. However, our approach should speak volumes on understanding why we are making these changes. By seeing the big picture, we can take a gradual path to better energy sources.
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
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