Solar Panels

Solar Panels

Importance of Renewable Energy

Renewable energy is a type of energy derived from naturally occurring sources such as the sun, wind, and water. It is not the same as other forms of energy that eventually run out. Because it helps us to sustainably manage our world, renewable energy is extremely vital. Utilising renewable energy prevents air pollution and global warming. We have to protect wildlife and plants as well as the clean air. Making sure the Earth remains healthy for present and future generations.

Current applications of renewable energy

  • Solar Power: Solar energy is one of the most widely used forms of renewable energy since it comes from the sun. Solar energy is captured and converted into electricity by solar panels installed on roofs or in solar power plants. To generate electricity and reduce the burden on conventional energy sources, many houses and businesses rely on solar power.
  • Wind Energy: Another popular source of renewable energy is wind power. Tall towers equipped with blades called wind turbines use wind energy to generate electricity. Large amounts of electricity can be produced by wind farms with several turbines which is enough to power entire cities, towns, and even regions.
  • Hydropower: It produces electricity by harnessing the energy of flowing water, such as rivers and streams. When water is released from a reservoir, it flows through turbines to produce electricity. Many nations rely on hydropower which is an established and reliable source of renewable energy, to generate electricity.
  • Biomass Energy: It is derived from organic elements such as waste, wood, and agricultural wastes. Burning these materials releases heat or turns them into biogas, which can be used for cooking, heating, or power generation. Because of its adaptability and local production, biomass energy is a valuable renewable energy source in many areas.
  • Geothermal Energy: It uses heat from the Earth's interior to heat buildings or produce electricity. Hot water or steam from underground reservoirs powers turbines in geothermal power plants, which generate electricity. In areas where there is volcanic activity, geothermal energy is abundant and can supply reliable power.

Economic and Environmental Benefits

Although it was earlier highly expensive, renewable energy is currently becoming more affordable. This is mostly because manufacturing costs for solar panels and wind turbines have significantly decreased over time. Furthermore, after the equipment is installed, you won't have to spend a lot of money maintaining it because renewable energy sources, like sunlight and wind, are plentiful and cost-free. Environmental benefits of switching to renewable energy sources instead of fossil fuels:

  • Cleaner Air: Burning fossil fuels to power our cars or generate energy releases pollutants that are bad for the environment and our health. Because renewable energy sources like solar and wind power don't emit any hazardous emissions, they contribute to maintaining cleaner air.
  • Reduced Greenhouse Gases: Burning fossil fuels releases a lot of greenhouse gases that contribute to global warming and climate change. Renewable energy sources, on the other hand, emit far fewer greenhouse gases than traditional sources, which reduces the impacts of climate change.
  • Safeguarding Water Resources: Another way to help maintain our water resources clean is by using renewable energy. Water supplies are contaminated by pollutants released during the mining and manufacturing of fossil fuels, while renewable energy sources such as wind and solar power don't carry the same risks.
  • Preservation of Wildlife: Ecosystems and habitats for wildlife can be harmed by the construction and operation of fossil fuel facilities. On the other hand, wildlife is less affected by renewable energy projects like wind turbines and solar farms, which can potentially generate new habitats.
  • Sustainable Energy Future: Renewable energy sources are abundant and naturally reusable, in contrast to fossil fuels, which are limited and will eventually run out. Investing money into renewable energy contributes to building more sustainable energy for future generations.

Global Trends in Renewable Energy Adoption and Investment

Globally, the number of nations using renewable energy to power their cities, businesses, and residences has increased recently. Listed below are some of the major global trends in the investment in and use of renewable energy.

  • Solar Power: With the continuous decrease in solar panel costs, solar energy is growing in popularity. To address their energy needs, many nations including China, the US, and India, are making significant investments in solar power infrastructure. The year 2020 saw a 20% increase in solar energy capacity, making it the electricity source with the quickest rate of growth.
  • Wind Energy: Another rapidly growing renewable energy source is wind turbines, which use the force of the wind to generate electricity. Strong wind countries like Denmark, Germany, and Spain are setting the standard for the use of wind energy. Over 7% of the world's electricity is produced by wind energy, which had an 18% rise in capacity worldwide in 2020. with the United States and China at the top of the list.
  • Hydropower: Another important source of renewable energy for a long time is hydropower, which uses flowing water to create electricity. Countries like Brazil, Canada, and Norway, have an abundance of water resources and mainly rely on hydropower to fulfil their energy needs.
  • Investing Patterns: Global investment in renewable energy projects is increasing, with billions of dollars being invested in clean energy efforts by corporations, governments, and investors dealing with the concerns of climate change as well as the financial advantages of renewable energy. Global spending on renewable energy hit a record $303.5 billion in 2020.
  • Policy Support: A lot of governments have implemented laws and rules to encourage the use of renewable energy. They provide incentives to promote investment in clean energy technologies including feed-in tariffs, tax credits, and renewable energy objectives. Countries like Germany and Denmark have aimed to use 100% renewable energy in the future.
  • Technological Advances: Clean energy is now more affordable than ever due to developments in renewable energy technologies, such as better solar panels and wind turbines. Globally, the use of renewable energy is expanding because of technological advancements. Innovations like tidal energy and floating solar farms have the potential to completely change how we generate electricity.
  • Job Opportunities: Globally, the renewable energy industry is producing a large number of jobs. Over 11 million people worked in the renewable energy sector worldwide in 2020.

Government Incentives and Subsidies for Renewable Energy

Incentives and subsidies from the government are essential for encouraging the use of renewable energy technologies. Some of the incentives and subsidies that governments provide to promote the use of renewable energy are

  • Feed-in Tariffs (FiTs): Under FiTs, which are available in many countries, producers of renewable energy get a higher price for the power they create and feed into the grid. Since its launch in 2000, Germany's FiT programme has been incredibly successful, contributing to a significant increase in the capacity for renewable energy.
  • Tax Credits and Rebates: Governments offer rebates to people and companies who purchase renewable energy equipment. For solar energy systems installed on residential and commercial premises, the federal Investment Tax Credit (ITC) in the US provides a tax credit of up to 26%.
  • Renewable Energy Certificates (RECs): The ecological benefits of generating electricity from renewable sources are represented by RECs, which are transferable certifications. Countries such as Australia and India have REC plans in place to encourage the generation of renewable energy.
  • Grants and Subsidies: Governments provide grants and subsidies to encourage research and projects related to renewable energy. China's government supports the growth of clean energy by offering large subsidies for wind and solar plants.

Owners of renewable energy plants can use net metres to offset their electricity bills by selling excess energy back to the grid. To promote rooftop solar installations, countries like India have implemented net metering laws.

Impact of Government Support

By the end of 2020, the capacity of renewable energy worldwide was expected to exceed 2,799 gigawatts (GW), largely due to government support programmes, according to the International Renewable Energy Agency (IRENA). Countries like Denmark and Costa Rica have attained high percentages of renewable energy in their electrical mix because of robust government policies and incentives. In addition to generating millions of employment worldwide, the renewable energy industry has also improved economic growth and energy security.

"Paris Agreement" to Combat Climate Change

International agreements such as the "Paris Agreement" demonstrate the seriousness with which nations are addressing climate change. They can save the planet for coming generations if they unite together and fulfil their commitments. Many nations agreed on the Paris Agreement in 2015. They committed to keep global warming to less than 2 degrees Celsius. Additionally, nations decided to aim towards limiting the rise in temperature to 1.5 degrees Celsius or less.

The Paris Agreement has been accepted by more than 190 nations so far. Every nation establishes its targets for lowering greenhouse gas emissions—such as carbon dioxide, which is the primary cause of global warming. Some countries aim to replace fossil fuels with more renewable energy sources, such as solar and wind power. Others promise to preserve forests, which remove carbon dioxide from the atmosphere or plant additional trees. Wealthy nations promise to donate funds to help developing countries with their efforts to mitigate climate change and adapt to it.

The Role of Multilateral Organizations and Partnerships

Countries that attempt to tackle climate change are getting support from multilateral organisations like the World Bank and the United Nations. These organisations offer financial support, technical expertise, and capacity-building support to assist nations in implementing climate action plans through projects like the Global Environment Facility (GEF) and the Green Climate Fund (GCF). Also, to encourage innovation, exchange best practices, and generate funding for climate action, collaborations between governments, corporations, academic institutions, and civil society organisations are required.

Challenges and Barriers to Adoption

While shifting to renewable energy sources, such as solar and wind power, can save costs and benefit the environment, there are some challenges that we need to overcome. Let's look at a few of these issues and their solutions.

  • Cost: It can be costly to buy and set up wind turbines or solar panels. One of the main obstacles to the widespread use of renewable energy is its initial cost, according to the International Renewable Energy Agency (IRENA).
  • Technology: Certain locations lack the resources or technology necessary to make efficient use of renewable energy. For instance, solar panels and wind turbines could not be accessible to rural locations.
  • Infrastructure: Building new power grids and storage systems, among other infrastructure modifications, is necessary to transition to renewable energy. This can be quite difficult, particularly in developing countries.
  • Policies and laws: To encourage the use of renewable energy, governments must establish policies and laws. But occasionally, these regulations are confusing or inconsistent, which can make it challenging for individuals to make renewable energy investments.
  • Awareness and Education: The workings of renewable energy are not well-known to a large number of people The adoption process may be impacted by this lack of knowledge. Better outreach and education are required to help people understand the advantages of renewable energy.
  • Reliability: A concern among some is the perceived lack of reliability of renewable energy sources such as wind and solar power. They believe that neither the sun nor the wind constantly shines. On the other hand, advances in technology are improving the efficiency and dependability of renewable energy.

Globally, the use of renewable energy is expanding despite these challenges. The International Energy Agency (IEA) estimates that between 2015 and 2020, the capacity of renewable energy increased by 45%.

Future of Renewable Energy

Renewable energy has enormous potential and promise for the future.

  • Solar Energy Is Growing Faster: Every year, solar energy becomes more affordable and effective. According to experts, in many regions of the world, solar energy may overtake other sources as the least expensive source of electricity by 2030. Innovations in technology and rising demand will make solar energy more popular than ever.
  • Wind Energy Is Evolving: There is also a surge in wind power. Wind farms are getting more efficient and profitable as wind turbine technology advances. Studies show that by 2050, wind energy might provide up to 30% of the world's electrical needs. The potential for wind energy growth is endless due to the abundance of unexplored wind resources.
  • New Developments in Energy Storage: Storing extra power during times when the sun doesn't shine or the wind isn't blowing is one of the difficulties with renewable energy. Energy storage can help with it. The field of battery technology is advancing quickly thanks to developments in lithium-ion batteries and other types of storage.
  • Hydrogen as the Fuel of Tomorrow: Hydrogen possesses the capacity to revolutionise the field of renewable energy. Fossil fuels used in heating, transportation and manufacturing industries may be replaced by green hydrogen, which is produced utilising renewable energy sources. Governments and businesses are making significant investments in infrastructure and research related to hydrogen, indicating that this clean and adaptable fuel has a promising future.

Conclusion

Renewable energy is currently an evolving rapidly growing field, led by technologies such as geothermal, biomass, hydropower, wind, and solar. Renewable energy will become more and more crucial to meeting our energy demands as humanity works to cut greenhouse gas emissions and move towards a more sustainable energy future. We can build a better tomorrow and a healthier planet for future generations by adopting these abundant and clean energy sources.

See how various nations like USA, China, Denmark, India has adopted the use of renewable energy.