A Major Change In Energy Infrastructure
Renewable energy is derived from naturally replenished resources like sunlight, wind, waves, biomass and geo-thermal heat. It supports almost 16% of the total global energy consumption. Renewable energy resources are used for generating electricity, for heating and for deriving bio-fuels. Renewable energy technology is suitable both for large scale projects and small, rural setups which support the energy needs of households and industries.
Energy, as we know is fundamental to human and economic development. Our dependence on fossil fuels and growing energy needs are leading to a continuous depletion of conventional sources of energy like coal and oil. The other alarming factor is the severe environmental damage caused by pollution and greenhouse gas emissions. With growing concerns of global warming and climate change, most countries are formulating policies and setting national targets to encourage the development and use of green energy. Solar photovoltaic systems for generating electricity, wind farms, hydroelectricity projects and bio-fuels like Ethanol, CNG and bio-gas have marked the big leap forward to a greener tomorrow. Renewable energy is not just environmentally friendly it also ensures energy security for an economy.
Growing Market For Green Energy
The growth in the market for green energy has been much higher than anticipated. Wind turbines, waste-to-energy plants, bio-gas digesters and hydroelectric dams- nations are using green energy technology to meet their energy requirements and reduce carbon emissions. Countries like Iceland and Norway use renewable resources to meet all their electricity needs. High oil prices and climate change concerns have driven increasing government support in the form of legislation, commercialization and incentives. It is important to shape a strong market for green electricity. The energy system of the world is undergoing a big transformation from a centralized, high carbon and insecure energy system to one that is sustainable, robust and environment friendly. This has brought about immense economic opportunity as well as commensurate risk. The bio-energy and geo-thermal sectors still have immense potential for growth.
The Green Advantage
The benefits of green energy technology are:
- A significant contribution to world energy security.
- Sustainable, environment friendly resource of energy.
- New investment opportunities in the green energy sector.
Renewable energy plays a crucial role in reducing the global dependency on climate disrupting fossil fuels and replacing them with clean, non-depleting, eco-friendly sources of energy. The transition is well under way- from burning oil, coal and gas to harnessing the natural energy of sunlight, wind, waves and geothermal heat.
Economic Trends
Government regulations, tax incentives and subsidies play a strong, positive role in encouraging the development and use of green energy technology. The investments in green energy are expected to yield economic as well as environmental profits in the future. With technological change, growing market competition and mass production, the technologies for renewable energy especially wind and solar energy are getting cheaper and also providing profitable investment opportunities. Falling costs and government incentives have made green energy applications increasingly viable.
