Renewable Energy

Advancing Renewable Energy: A Sustainable Path Forward

What is renewable energy?

Renewable energy is environmentally friendly because it is collected from naturally replenished resources. Examples of these resources include sunlight, wind, rain, tides, waves, and geothermal heat, which is the thermal energy stored in the Earth. There is a distinction between renewable energy and alternative energy. The latter is generated from alternatives to fossil fuels and need not be renewable.

Renewable energy serves four essential sectors:

1. Electricity generation;
2. Air cooling and heating;
3. Transportation;
4. Rural energy services.

Investments in renewable energy

Global investments in renewable technologies surpassed US$286 billion in 2015. Countries like China and the United States heavily invest in wind, hydro, solar, and biofuels. There are approximately 7.7 million jobs associated with renewable energy industries globally, with solar photovoltaics being the largest employer. As of 2015, more than half of all new electricity capacity installed worldwide was renewable.

Benefits of renewable energy

Renewable energy offers numerous advantages. Firstly, naturally replenished resources are widely distributed geographically, unlike non-renewable resources. Additionally, rapid deployment of renewable energy and energy efficiency leads to significant energy security, climate change mitigation, and economic benefits. Recent literature reviews suggest that holding greenhouse gas emitters accountable for climate change damages would incentivize renewable energy deployment.

Renewable technologies are well-suited to rural and remote areas, as well as developing countries where energy is crucial for human development. Former United Nations Secretary-General Ban Ki-moon has highlighted renewable energy’s potential to lift the poorest nations to new levels of prosperity. Moreover, most renewables provide clean electricity, facilitating further electrification with several benefits.

Deployment of renewable energy

Public opinion surveys indicate strong support for promoting renewable sources such as solar and wind power. At least 30 nations worldwide already have renewable energy contributing more than 20 percent of their energy supply. National renewable energy markets are expected to continue growing in the coming years, with some countries aiming to achieve 100% renewable energy. For example, Denmark has set a goal to transition its total energy supply to 100% renewable energy by 2050.

Conclusion

Renewable energy systems are becoming more efficient and cost-effective, leading to an increasing share of total energy consumption. Growth in coal and oil consumption could cease by 2020 due to increased adoption of renewables and natural gas.