Renewable Energy

Renewable Energy: Harnessing the Potential for a Brighter Tomorrow

by | Syeda Hajra Batool

Renewable Energy is the best form of clean energy because it slows down fossil fuel consumption. But wait! There is more on why the world is choosing renewables. Let’s dig deeper!

The renewable energy is a form of energy produced with the help of solar and wind power. We see that the countries are considering this option to reduce their carbon footprint.

The world is now taking a leap towards renewable energy after the end of Covid 19. This was the beginning of the major leap towards readily available resources of renewable energy. Life came back to normal and the demand for fossil fuels increased. 

However, the countries began to take interest in alternative energy. They understood that renewable energy is the new rising global energy revolution.

Lets focus on the factors that brought this idea of change into reality?

Renewable Energy 101:

In 2022-2023 alone a lot has happened. There is a huge change brought by Russia’s invasion of Ukraine. Oil prices are fluctuating because of the recession. 

The world economy is facing a major setback because of the major investment banks becoming bankrupt. 

Russia is using oil and gas as a weapon against the rest of the world. Major countries are now rushing to adopt renewable energy as a source. 

Let’s not forget that there has always been a debate about Europe’s rising concern over the rising temperature. Renewable energy is the future of the world. Countries are increasing their alternative energy capacity to generate electricity and reduce fossil fuel consumption. Only to save the planet from further destruction. 

  • Dollar is Another Factor to Switch to Renewable Energy:

Countries want to reduce their dependence on fossil fuels. But, how is fossil fuel related to the US dollar? Well you guessed it right, the US dollar is the most powerful currency and a mode of purchase internationally. 

The dilemma of the US dollar is its economic setbacks due to recurrent disruptions in the economy. 

The countries that heavily rely on US dollar have to pay from the major chunk of their foreign exchange reserves. Thus the country faces a slowed down economy and circular debts.

  • Renewable Energy to Run the World:

We all know that we cannot do anything to stop the world from consuming fossil fuels for energy. However, the world needs to redirect to a clean solution. Here solar energy comes into play. 

Solar as compared to different forms of conventional and new energy resources is CHEAPER and CLEANER resource. We need energy for its use is growing as more people have escaped poverty and joined the middle class since 1990. 

  • Source for total primary energy used worldwide in 2016: BP Statistical Review of World Energy, 2017 
  • The above diagram highlights the electricity generation need for energy after 1990
 

Future Spells Renewable Energy:

Yes, you heard it right. Countries have already pushed panic buttons over the depleting reserve of fossil fuels. According to the (Intergovernmental Panel for Climate Change’s) recent report, regarding the increase in temperatures. 

They also stated that the window to opportunity to limit global emission is closing fast. The decision makers are now encouraging the countries to switch to alternative resources of energy. Solar energy is in demand and thus people are bidding farewell to fossil fuels. The future is to make it more scalable in terms of a long term solution. 

Energy Efficient World with Renewable Energy:

The entire world is now on its way towards another industrial revolution. The advent of Artificial Intelligence has put the countries on a race towards diversified opportunities. The renewable energy helps in ten following ways:

  • Cost Effective:

No one can deny the fact that renewable energy is cost effective. You can maintain solar panels in an affordable and easy way. You can do it yourself or and in a short time. Solar panels are a long term asset for those who invest in them. 

It cushions the expenses of a household and business. Thus it saves energy and money both. This leads us to the second point.

  • Macro Economic Benefits:

Solar energy if adopted on the micro level will bring the change on Macro level. Households and businesses save energy by opting for solar. This saves millions of dollars for the country’s economy. 

People are less reliant on the national grid and more on their own capacity to make electricity. The system uses the required electricity and sends the rest back to the grid .

  • Transformed Macro-economies:

The case of the Australian economy is an apt example. They have opted for renewable energy (wind and solar). 

According to IRENA, renewable energy has proved to be the “turning point” in cost effective alternatives as compared to fossil fuels. 

The new reports suggest that the world has saved USD 521 Billion in terms of fuel costs in the electricity sector. The 2022 fuel price shock has proved to be less devastating for renewable economies.

  • A Feasible Solution for Reducing Carbon Emissions:

Carbon emission reduction is another concern. The world has now opted to reduce the dependency on fossil fuel-fired power generation options. 

  • A Hope for the Equal Energy Distribution:

Renewable energy can uplift the deprived economies and thus the developing countries. Countries have opted for a solution that can reduce the poverty gap and bring equality.

It can also improve the economic conditions of the developing countries and lift the population above the poverty line. For example countries like Sri Lanka which are under debt can repay their debt by making themselves energy independent. 

  • Agrivoltaics: A Better Solution for the Agri Economies:

Pakistan is a prime example of an Agri economy. Agrivoltaics can boost Pakistan’s capacity to produce more. Thus one of the largest sectors in the country can be independent in terms of energy as well. This will improve the economy in every aspect.

  • Profit in Installing Solar Panels:

The profit ratio for solar and other renewable energy resources is high. The only risk free solution when it comes to investment, solar is the ultimate answer. ROI return on investment is a term used to highlight the benefits of solar energy. 

We consume the amount of energy we generate and give the excess back to the grid. Countries can sell the excess power to other regions as well to combat efficiency loss. The only need is to increase the capacity. 

  • Better Air Quality:

World is not only combating climate change but air pollution as well. Air pollution is the major cause of premature deaths and diseases. According to the World Health Organization, The world population (99%) breathes air with high levels of dangerous pollutants. 

Countries that rely on fossil fuels for their energy needs have greater levels of air pollution. These countries are more polluted as compared to the countries that use renewables for their energy needs.  

  • Solar Energy In Other Sectors:

Solar energy’s scope reaches across all the sectors related to different products and services. Its reach around the world has made it the most worthy asset for its users. Healthcare is a major sector that can create an impact by promoting sustainable practices across the society. 

Solar energy reduces the carbon footprint of the healthcare sector and thus saves money. Governments need to conduct more research to introduce sustainable equipment for the healthcare sector.

  • Created more jobs in energy sector:

Solar energy can create business opportunities. The sector itself has different roles for the people who are in the technical industry. Solar energy harbors unlimited opportunities in every field. It can generate revenue for the businesses. 

The debate still goes on as solar energy takes the world by storm. All we need to do is to be more adaptive towards this unlimited source of power.

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