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RENEWABLE ENERGY SECTOR-LEAPING AHEAD

by Manav Jha | 22-03-2017 05:26 recommendations 0 recommendations

This report is not about the complexities our planet is facing but it is a highlight of the positive impact of the years of environmental awareness campaign, world renowned eco- warriors and budding environmentalists like us have initiated on local and international level.

We all know that the solution to the problems of limited fossil fuels and their impact on the environment is to have renewable resources that play a larger role in the supply of energy. World's maximum energy consumption coming from fossil fuels, coal and oil can be easily met by converting sunlight, earth?s heat, wind, and nuclear power into energy that is renewable.

Technological advancement has made it possible to combine the use of heat and power, providing energy services far more efficiently than fossil fuels. 

 60-80% of carbon emissions can be eliminated by the use of these technologies, making it much more clean and safe for the environment of our earth than burning fossil fuels.

Hitherto, countries were not favoring renewable resources due to its high cost. Any plant that converts a renewable resource into energy requires a very large initial capital investment.  

 In the last couple of years there has been a shift in the mindset of people towards using renewable energy. The cost of renewable energy has fallen drastically in recent years as funding for new technology has climbed sharply. Investment in clean energy capacity beat that of fossil fuels 2 to 1 between 2008 and 2015, according to UNEP.

 Plunge in oil prices did not weaken the investment in renewables sector. As optimism and awareness pervades the global environment, countries have started making unilateral moves to create policies that will help move emission levels toward the goals of the Kyoto Protocol and avoid a possible economic crisis. Globally, 2014 saw a record 95 gigawatts of new wind and solar, and the International Energy Agency (IEA) expects renewables to account for 25 percent of power generation in 2018, up from 20 percent in 2011. 

 Solar, in particular, is hitting its stride and has grown an average of almost 30 percent a year for the past decade. It?s also worth noting that some countries in the Middle East are getting much more thoughtful about the possibilities of solar. A Saudi conglomerate purchased a major Spanish solar developer, Fotowatio Renewable Ventures, which has a pipeline of almost 4 gigawatts of capacity. Egypt wants to increase renewables to 20 percent of capacity by 2020 and is nearing approval of a $3.5 billion, 2-gigawatt solar project with Bahrain?s Terra Sola.  McKinsey estimates that even at prices of $35 to $45 per barrel of oil, solar PV pays for itself—and that frees up more oil for Saudi Arabia to sell.

Of late, the world's largest single-site solar park opened its second phase in Dubai. The solar park will generate up to 200 MW of solar energy daily, enough to power 50,000 residences for one year.

The global switch to a renewable energy system is quickening. The increased affordability, together with favorable  policy initiatives, proves that there is now a clear business case for renewable power, which is helping to grow corporate demand for renewables in all regions of the world.

Environment leaders have hailed the move as a -historic milestone,  and they hope to keep up the momentum behind the clean energy transition.

It is a turning point as we move to a clean energy economy. This news is not just about installation of more renewable energy than coal, it means cleaner air, new jobs, and a more stable climate.

Credit- Mckinsey.com, physics.org, UNEP

 

 

 

ManavJha

  • United Arab Emirates E-gen Ambassador Manav Jha
 
 

5 Comments

Cheonghan Mentor Oh

  • Cheonghan Mentor Oh says :
    Manav, thank you for your report. I was relieved while reading this report. I am glad that something actually seems to be happening and I am pretty sure this will not stop. I also thought this 'switch' is an interesting topic to think about. Thank you for letting me go on thinking.
    Posted 26-03-2017 01:46

daon na

  • daon na says :
    Hi Manav! What an exciting news!
    Compared to the past years, i could realize that not only the cost of generating renewable energy is going down, but the perception and awareness of renewables have improved a lot!
    I hope this trend continues and replaces fossie fule in near future!
    Thanks again!
    Posted 24-03-2017 11:29

Arushi Madan

  • Arushi Madan says :
    Thanks for a very well written report on positive trend of renewable energy. Hope for cleaner, greener and safer earth/world.
    Posted 23-03-2017 13:51

Bornaventure Kwame Takpah

  • Bornaventure Kwame Takpah says :
    Lovely post. And sure, its not about installation but fresh air and good/descent jobs among others.
    Thank you Manav!
    Posted 23-03-2017 06:00

Prashant Kumar

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