The adoption of efficient and dependable renewable technologies can establish a more robust energy system, less susceptible to sudden market disruptions
Renewable energy is energy derived from sources that are easily replenished, at a rate that is faster than consumption.
Renewable energy sources are crucial for reducing carbon emissions and combating climate change.
Let us look at the top five renewable energy sources:
- Solar Energy: Solar power harnesses energy from the sun using photovoltaic (PV) cells or solar thermal systems. Solar panels convert sunlight into electricity, while solar thermal systems use sunlight to heat a fluid, which generates electricity through a steam turbine.
- Wind Energy: Wind turbines capture the kinetic energy of the wind and convert it into electricity. Wind farms, both onshore and offshore, are becoming increasingly popular sources of renewable energy.
- Hydropower: Hydropower, or hydroelectric power, generates electricity by capturing the energy of flowing water. This can be achieved through dams, water turbines, or run-of-river systems.
- Biomass Energy: Biomass energy is derived from organic materials such as wood, agricultural residues, and municipal solid waste. These materials can be burned directly for heat or converted into biofuels like ethanol and biodiesel.
- Geothermal Energy: Geothermal power taps into the Earth’s internal heat by using geothermal heat pumps or geothermal power plants. The heat from underground reservoirs of hot water and steam is used to generate electricity and provide heating and cooling.
Renewable energy sources offer sustainable and environmentally friendly alternatives to fossil fuels, helping to reduce greenhouse gas emissions and combat climate change.
What is the impact of renewable energy on the environment and economy?
Earlier in August 2023, IMF reported that fossil-fuel subsidies surged to a record $7 trillion and according to UN, this includes explicit subsidies, tax breaks, and health and environmental damages that were not priced into the cost of fossil fuels.
A $4 trillion annual investment is deemed essential for the renewable energy sector until the year 2030. This colossal funding requirement encompasses investments in cutting-edge technology and critical infrastructure, laying the foundation for the world to achieve the ambitious goal of net-zero emissions by 2050. Apart from this, according to the UN, every dollar of investment in renewables creates three times more jobs than in the fossil fuel industry.
Furthermore, the adoption of efficient and dependable renewable technologies can establish a more robust energy system, less susceptible to sudden market disruptions. This, in turn, enhances overall resilience and bolsters energy security by broadening the spectrum of available power supply alternatives.
Renewable energy reduces our dependency on fossil fuels, which are finite. Additionally, adopting this form of energy will set industries on the path to reducing the adverse effects of climate change.
