A transition from fossil fuels to more renewable energy is gaining popularity across the world and the United States. However, Texas remains reliant on the oil and gas industry in many ways, so a shift in the country’s energy needs may have a dramatic effect here. However, that shift does not have to devastate existing businesses.
New demands will create new industries
According to CNBC, if solar power becomes a significant power source, there will be an increased demand for specific resources. Specifically, the minerals in demand will be:
Historically, Texas has produced copper and it still imports and processes aluminum . If a national and global shift towards solar power comes about, savvy investors could take advantage of the state’s existing precious metal processing infrastructure.
How fast will such a shift come?
There are still many concerns about the long-term, high-demand viability of renewable energy. At this time, there is no way to know how renewable energy will affect Texas’ relationship with the energy sector. However, most reports on climate change look to ever closer dates for extreme effects to appear. As those dates approach, pressure for a greener energy market will only increase.
Changing directions takes time and legal preparation
Shifting a company’s direction is a complicated procedure. An effort of this magnitude is more than just a “rebranding effort” and would demand a detailed, well-researched plan. Due diligence on new investments, proper documentation for corporate restructuring and the crafting of a thorough contractual basis takes time. If you have a concern for your company’s future in the energy industry, the time to consider your next steps is now.