The world’s current and future energy needs are driving a critical need for the development and wide-scale deployment of renewable energy resources to replace existing non-renewable energy sources, such as coal and oil. An increasing number of governments, companies and organizations worldwide recognize the importance of accelerating the transition due to the growing need for renewable energy resources.
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What is Renewable Energy?
Renewable energy is energy from sources that can be naturally replenished or renewed on a human timescale. Examples of renewable energy include solar energy, wind energy, hydro-electric power, biomass energy, tidal energy and geothermal energy.
These types of energy usually come from an environmentally sustainable and recyclable resource, meaning they can provide an inexhaustible energy supply. By contrast, non-renewable energy sources, such as fossil fuels, have a limited supply and will eventually run out.
The Global Picture: Growing Need for Energy
Renewable energy is playing an increasingly important role in the global energy mix, making up over 28% of total primary energy in 2019. This is a marked increase from just 13.2% in 2000, and is due to increased investment in renewable energy capacity worldwide.
According to the International Renewable Energy Agency (IRENA), global investment into renewable energy has increased more than fivefold over the past 15 years. As of 2019, total global renewable energy capacity rose to 2,303 GW, with solar energy representing almost half of the total capacity.
The Benefits of Renewable Energy
Renewable energy offers many advantages over conventional energy sources for climate change and the nation state. From an environmental standpoint, renewable energy is more sustainable and involves fewer environmental hazards. This means that development and use of renewable energy sources can help reduce air pollution and greenhouse gas emissions that can lead to global climate change.
Besides reducing emissions, renewable energy can also help to reduce energy costs. Because renewable energy sources are free and inexhaustible, the cost of production is lower than with conventional energy sources. This has resulted in a decrease in the cost of electricity generated by renewable energy sources, making renewable energy more cost-effective than conventional energy sources for households and businesses.
Challenges Facing Growing Renewable Energy
The transition from conventional to renewable energy sources, however, is not without its challenges. The intermittency of many renewable energy sources is one of the main challenges. Solar and wind energy, for example, are highly dependent on weather conditions and can be unreliable sources of energy when the sun is not shining or the wind is not blowing.
The cost of renewable energy is also a challenge. Although renewable energy sources are becoming increasingly cost-competitive, the upfront investment in infrastructure and technology can be higher than with conventional energy sources.
Policies and Opportunities for Renewable Energy Development
In order to accelerate the switch to renewable energy sources, there is a need for governments to introduce policies and incentives that help to boost investment and deployment of renewable energy resources.
For example, governments can promote renewable energy adoption by introducing feed-in tariffs. Feed-in tariffs are incentive schemes that pay homeowners and businesses for the energy they generate from rooftop solar photovoltaic (PV) cells or wind turbines.
In addition, governments can provide financial assistance in the form of tax breaks or grants to help companies in the renewable energy sector develop and deploy their technologies. Furthermore, governments can provide regulatory support for renewable energy projects in the form of setting renewable energy mandates.
Conclusion
With the world’s growing energy needs and climate change concerns, the development of renewable energy resources is no longer a choice – it is a necessity. To facilitate the transition to renewable energy, governments and businesses need to work together to introduce policies and incentives that will foster greater investment in renewable energy sources and drive the deployment of these resources. With the right policies in place, the future of energy can be secure, sustainable and renewable.