Renewable energy capacity is set to
expand 50% between 2019 and 2024, led by solar energy. This is according to The
International Energy Agency (IEA)’s ‘Renewable 2020’
report, which found that solar, wind and hydropower projects are
rolling out at their fastest rate in four years, making for the argument that
the future lies in using renewable energy.
Wind turbines and solar panels have replaced
smoking chimneys and cooling towers on the landscape. At the same time, we
continue turning on our lights, cooking, and enjoying our homes.
Bus passengers board electrically-powered or
low-carbon LPG (liquified petroleum gas) buses, pausing only to notice the lack
of engine noise. Indeed, the triumph of renewables is how they have seamlessly
integrated into our lives.
Renewable energy technologies are evolving and
improving all the time. Global energy demands have increased by almost
two-thirds in the last 20 years.
Moving away from oil
Saudi Arabia can transition to a 100% renewable
energy system by 2040, according to another Finnish study. While the country is
known for its oil deposits, it is also rich in another energy source: sunshine
to power solar energy.
By 2050, solar power could account for 79% of the country's energy demand,
supported by enhanced battery and water storage solutions to lower energy
system costs.
This study emphasizes the central role that energy storage will play in the
transition to a sustainable energy landscape, to overcome the intermittent
nature of solar and wind resources and provide power when there is no wind or
sunshine.
Projected electricity generation worldwide to 2050
Yes, renewable energy is both the future and the
present.
Businesses and governments are investing heavily in
sustainable sources of energy. They must do so because carbon emissions
have flatlined as energy demands increase, which is a blow to limit global
temperature rises to 1.5°C (2.7° Fahrenheit) and achieve net-zero emissions by
2050. Even though we’re producing cleaner energy, those gains are being wiped
out because we’re using more energy.
Renewable energy investment must increase to $131
trillion to hit climate change targets, according to a new report
by The International Renewable Agency (IRENA). It says electricity
must overtake fossil fuels as the dominant energy source before the middle of
the century. It also claims that, for each $1 million invested, renewables
create three times as many jobs as fossil fuels.
Investors have also been attracted to
renewable energy stock, with the S&P Clean Energy Index up by 138% in
2020.
We can also see how renewables are shaping the
present and aren’t dampening growth. In 2019, Germany’s CO2
emissions dropped 8% to levels not seen since the 1950s, despite its
economy now being around 10 times larger.
The United Kingdom met 40% of its electricity demand
from renewable energy that same year. In comparison, just 2% of the U.K.’s
electricity supply came from coal-fired power plants. Renewable energy sources
supplied a whopping 90.1% of Scotland’s electricity, too, thanks to
its abundant wind energy.
A greener future?
To be sure, challenges exist and the targets are
ambitious. Still, the reports all conclude that the technology exists for the
world to transition to a fully sustainable energy system by 2050, which should
keep the planet below the 1.5° Paris global warming target.
Mitigating the impact of climate change means fewer floods, storms, droughts and other extremes caused
by warming temperatures.
It could also mean less pollution. Nine out of every 10 people on the planet
breathe polluted air, according to the World Health Organization, which can lead to
respiratory diseases, heart conditions, strokes and other life-threatening
diseases.
Pollution, largely from burning fossil fuels, kills up to seven million people
annually, with low and middle-income countries carrying the highest burden. This
includes exposure to toxic fumes from using wood, coal or dung as the
primary cooking fuel.
A future powered by wind, solar and other
sustainable energy sources, could also reduce energy bills. The costs of
producing wind and solar have plummeted in recent years and
renewables remain on course to outprice fossil fuels in future.
This future could be attainable, the researchers
stress, provide urgent action is taken by a range of stakeholders, including
policymakers, business leaders and other stakeholders. Through collaboration,
the world can speed its transition to sustainable energy and a sustainable
future.
By - Pranit Bhandari