Renewable energy: A promise for sustainable future

Highlights

• Future of renewable energy seems bright on the back of global power crisis and surging fuel prices.
• There is abundance of renewable energy, which is pollution free and is eco-friendly.
• Currently, around 29% of renewable energy comes from renewable sources.

In a global scenario of power crisis and rising fuel prices, the future of renewable energy seems logically exciting. Energy production processes, such as burning fossil fuels, contribute a huge share of the greenhouse gases.

About 90% of all carbon dioxide emissions are caused due to fossil fuels such as oil, gas, and coal. Further, it is fueling global climate change by contributing to over 75% of  greenhouse gas emissions.

All these facts call for cutting our reliance on fossil fuels and investing in alternative sources of clean, affordable, sustainable, and reliable energy. Using renewable energy sources also reduces the dependency on fossil fuel imports.  It enables in diversifying the economies of nations. Further, it shields them from the erratic changes in oil and gas prices, and promotes inclusive economic growth, job creation, and poverty eradication.

Renewable energy has started gaining traction as people become more aware of climate change. The earth replenishes the wind, sun, water, waste with negligible or zero emission of greenhouse gases or pollutants. Currently, around 29% of renewable energy comes from renewable sources.

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Here are five motives to show why switching to clean energy is the resolution to develop a healthy and livable planet for today and the future.

1. Abundance of renewable energy

Every country has plenty of renewable energy sources. However, they are underutilised, and their potential is yet to be harnessed. According to the International Renewable Energy Agency (IRENA), “90% of the world’s electricity can and should come from renewable energy by 2050.”

2. Pollution-free and healthier options

According to reports from the World Health Organisation (WHO), environmental consequences such as air pollution, claim over 13 million lives on a global basis each year. The burning of fossil fuels produces harmful levels of nitrogen dioxide and fine particulate matter.

A transition to clean energy sources will solve not only the climate change problem but also the health problems due to air pollution.

3. Renewable energy is economic friendly

Creating sustainable and reliable renewable energy technologies could enhance flexibility and energy security by expanding power supply options. Lessening pollution and climate effects alone could save the world nearly US$4.2 trillion annually by 2030.

Prospects of renewable energy

Sources of clean energy are an economical option to fossil fuels. Currently, in major parts of the world, renewable energy is the most pocket-friendly power option. Following are the data supporting the fact:

• 85% reduction in the cost of solar energy between 2010 and 2020
• Electricity supply from renewable sources could decarbonise 90% of the power sector by 2050
• 56% decline in cost of onshore wind energy
• 48% reduction in cost of offshore wind energy
• 65% of the world’s total electricity supply could be provided from renewable energy by 2030

Scenario from global leaders

Industry experts predict that the number of solar systems in the US will reach four million by 2023. In 2018, there were over one million solar panel installations in the UK, an increase of 2% from the previous year, and two million solar installations in Australia during that same year. The decrease in installation costs for the panels is a major factor in this increased acceptance.

As a result of the Fukushima nuclear disaster in 2011, Japan is experimenting with the notion of putting offshore turbines to replace many of its nuclear reactors.

Geothermal energy is also gaining popularity in a similar way. By 2024, the US geothermal heat pump market would be worth more than US$2 billion due to the rising demand for energy-efficient heating options. New construction rules would promote the adoption of renewable electricity and heating technologies in both commercial and residential real estate.