The United Nation’s Intergovernmental Panel on Climate Change confirmed that more has to be done to mitigate climate changes given that greenhouse emissions have been rising faster than ever. The need for reliable, low-carbon energy is clear. Nonetheless, big energy companies are more interested in crippling the renewable energy industry than fostering it.

The Koch Industries and other conservative energy conglomerates have been lobbying to repeal legal incentives designed to boost solar industry in the United States. These companies should realize that their expensive legal maneuvers to fight such incentives would not improve profitability in the long run. Instead, they should redesign their business model to embrace the changing trend and invest in renewable energy technology to capitalize on the growing clean energy market.

The growth trajectory of the solar industry is very promising. According to an International Energy Agency report, the share of renewable energy in global electricity generation reached 19 percent in 2011, and that is expected to grow to 25 percent by 2020. Other American corporations are already responding quickly to this trend. General Electric recently invested $24 million in India’s largest solar-power plant, having realized the technology’s incredible potential. GE is planning to invest more than $1 billion per year globally in similar projects. U.S. energy giants will be better served by investing in this industry. Resisting this trend cannot be a long-term solution.

Without governmental support, the prospect of solar industry is grim. Its key external revenue driver has been continued state mandates for renewable energy, as costs still remain high compared to conventional energy sources. Thus far, 29 states have adopted policies that require a certain percentage of the state’s electric power come from renewable sources by a specified deadline. With strong public support, America’s solar-electric generating capacity has grown by 418 percent in the last four years according to U.S. Energy Information Administration. However, campaigns against these policies — backed by energy companies — may possibly undo what has already been achieved. As an emergent source of energy, solar power still accounts for merely 1.13 percent of entire energy generation in the United States. Favorable laws and tax credits would still be necessary to continue its growth.

Stripping the solar industry of government incentives will damage American households as well. The Koch Industries and its political allies have recently introduced a surcharge in Oklahoma on net metering, a practice that lets households sell back excess energy generated by their solar panels and wind turbines to local distribution facilities. In areas like Hawaii, where the utility rate is higher than the national average, rooftop solar panels and air turbines are seen as an effective way to lower expensive utility bills. A moratorium or surcharge on this practice counterintuitively penalize households for using clean energy by cancelling out the discounts and depriving them of the control over their own utility bills.

Considering the impending need to reduce greenhouse gas emissions, the future is contingent on the development of clean energy sources. Major energy companies should recognize renewable energy as an opportunity rather than a threat. Attacking the development of future energy for immediate profits would sabotage an opportunity for their own growth. Crises are looming ahead and it is time to adopt a new, sustainable business model if they ever care about the future.

Kenny Kyunghoon Lee is a contributing columnist. Email him at [email protected].