by With climate change becoming a major global issue and increasing pollution threatening the very existence of humanity, it has become extremely important for countries across the world to shift to green and renewable sources of energy from fossil fuels which are non-renewable and polluting.
Current Scenario of Sources
Currently, solar, wind and hydropower are the leading sources of Green Energy adopted globally. Solar energy harnessed from photovoltaic cells has seen tremendous growth over the last decade with global solar capacity increasing nearly 25 times between 2006 to 2016. Similarly, wind energy has grown from just 30 GW capacity in 2000 to over 500 GW worldwide in 2018. Hydropower has been a reliable and top renewable energy for decades meeting nearly 16% of global electricity needs. Other sources like bioenergy from biomass, geothermal energy and wave or tidal energy are also steadily increasing. However, overall it still makes up only around 25% of total global energy generation while fossil fuel continues to dominate at around 80%.
Advantages of Using
There are multiple benefits of switching to renewable sources over fossil fuels:
– Environmental benefit: Burning of fossil fuels emits greenhouse gases like carbon dioxide and methane which are major contributors to climate change. Switching to clean energy helps reduce emissions and mitigates global warming.
– Energy security: Fossil fuels are non-renewable and their supplies will deplete over time. Dependence on imports also affects energy security of nations. Renewables are spread all over and their sources will never exhaust ensuring long term energy security.
– Public health: Burning fossil fuels releases harmful air pollutants like particulate matter, sulfur and nitrogen oxides increasing incidence of respiratory illnesses. Renewables do not cause air or water pollution improving public health.
– Cost effectiveness: Initially high capital costs of renewables are coming down rapidly with technology progress and economies of scale. Their operating costs are very low with minimal or no fuel costs. This makes them economically viable compared to conventional power sources over the long run.
– Jobs creation: Renewable energy sector is a major employer with jobs in manufacturing, installation, project development and services. It is estimated that renewables currently employ around 11 million people globally and this is steadily projected to increase.
Role of Governments in Promoting Renewables
For widespread adoption of green energy sources, proactive policy support and incentives by governments are essential globally. Some of the key initiatives taken by governments include:
– Setting binding national renewable energy targets: Countries like China, India, European nations have set ambitious targets of increasing solar, wind and other renewable capacity and generation by specific dates. This provides long term visibility and credibility to investors and industry.
– Policy support through feed-in-tariffs and tax incentives: mechanisms like fixed higher energy procurement prices for renewables (feed-in-tariffs), accelerating depreciation, investment tax credits significantly boost investments. Countries like Germany, Spain, US achieved renewable boom through such policies.
– Green power purchasing mandates: Obliging utilities and bulk customers to source a certain percentage of their power from renewables like solar and wind adds stable demand. It exists in many US states, China, Brazil etc.
– Green banks or funds to finance projects: Governments establish banking institutions or funds to provide low cost, long tenure project financing. This is critical to bridge initial high capital costs of renewables. Examples are Indian Renewable Energy Development Agency, UK Green Investment Bank.
– Research and manufacturing incentives: Governments fund R&D to drive innovation and cost down of key renewable technologies. Production linked incentives encourage local manufacturing of solar panels, wind turbines generating huge employment.
global environmental changes make transition to green energy sources an urgent imperative. While renewables growth has been phenomenal, much more needs to be done to replace fossil fuel dominance. Active policy pushes and enabling ecosystem by governments worldwide can accelerate this transition, benefiting both climate and economies. Individual responsibility also matters in reducing personal carbon footprint through use of green power and other eco-friendly habits. Collective global action alone can address climate crisis at the needed scale.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
