As the world advances in its pursuit of a green future, the consequences due to global warming have become more clear and the urgency of the importance to transition from fossil fuels to renewable forms of energy has become larger. While this shift will impact the environment, it has numerous economic impacts as well: it can foster job growth, reshape industries and also increase savings in the long-term.
The Advantages of Renewable Energy
Job Creation due to Renewable Energy
The research, manufacturing, maintenance, and construction would require more employees and thus this would foster economic growth due to lower unemployment. According to the Natural Resources Defence Council, "Ten times larger: India's renewable energy sector could potentially employ around one million people by 2030, which would be ten times more than the existing workforce."
Reduced Energy Costs
Even though the cost of initially creating power plants and solar panels may be high, their cost of operation is usually significantly lower in comparison to fossil fuel plants. Specifically, when talking about Wind Power and Solar Power, there are substantial cost reductions. This makes these forms of energy increasingly competitive and a better long term energy source. The erratic prices of fossil fuels will also be eliminated from the market.
Innovation and exports
Renewable energy sources heavily rely on technology and thus, an increase in innovation and research regarding this technologies can develop more cost effective solutions. Countries would compete to have the lowest costs and increase export opportunities.
Challenges
Intermittency and Grid Integration
One of the main challenges is the over-reliance on factors that are out of human control: we cannot control how much sunlight there is or how fast the wind is or how high the tides are at sea. Newer advancements in technology, however, such as large-scale batteries are reducing the effect of such challenges. Some scientists have looked into global grid integration as well to balance energy supply.
Renewable energy is a sustainable source that is not only good for the environment but has numerous economic advantages. Sustainability is a cause that is relevant today more than ever! Don't be scared to raise your voice and spread awareness about it. Be smart about your investments by looking at the larger picture. Stay sustainable!
Opmerkingen