Tue, 03-Oct-2023
Thursday 26 Dec 2019 , 3:09 pm

Is World Ready to “Dare” for Opting Renewable Energy?

With continuous technological developments, governments' initiatives and environmental awareness, the renewable energy industry is generating growth in economic activities and is expected to continue to grow rapidly in the coming years. There will be great economic opportunities for the countries that invent, manufacture and export the renewable energy technologies.
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In past 150 years, in the race of industrialization and modern civilizations, human has utilized the natural resources ignoring the environment. And now, Millennial and Gen Z are the generations, facing the effects of climate change. These generations are taking efforts for save the environment with changing lifestyle by banning plastic materials etc., planting trees, innovating the eco-friendly products. Also, they are spreading the awareness for environmental conservations.

In the Christmas Message for the year 2019, Britain's Queen Elizabeth said, “The challenges many people face today may be different to those once faced by my generation, but I have been struck by how new generations have brought a similar sense of purpose to issues such as protecting our environment and our climate.”

The awareness of environmental knowledge among people can also be understood by the way U.S. President Donald Trump was criticized for speaking against ‘Wind’ energy and stating wrong facts about windmills, property values and death of birds.

According to the report published by The Insight Partners, issues such as global warming and depleting natural resources have forced various environmental agencies and Governments across the globe to develop strategies for renewable energy sources. Various environmental initiatives are further anticipated to provide a huge boost to solar, wind, Hydro and other energy sources. There are some factors that are also encouraging the market especially in the developed regions. These include:

  • Growing awareness towards greenhouse gases has shifted focus towards power generation from renewable sources in the past few years
  • The stringent government norms coupled with added incentives, tax benefits and subsidiaries for adoption of renewable energy sources
  • Continuous advancement in technologies has facilitated in improved efficiencies in power generation through renewable sources.

Companies such as ABB Ltd., Alstom SA, Apex Clean Energy, First Solar Inc., and General Electric (GE Power), Hanergy Thin Film Power Group, Longroad Energy Holdings, LLC, Shenzhen Energy Group Co., Ltd., Tata Power Company Limited, and Vestas Wind Systems are currently influencing the solar and wind renewable energy market.

In September, at the UN Climate Action Summit, New York, a Swedish teenager Greta Thunberg addressed environment awareness speech, ‘How Dare You’ in the presence of world’s leaders. She said, “We will not let you get away with this. Right here, right now is where we draw the line. The world is waking up. And change is coming, whether you like it or not.”

To avoid petroleum/naturals gases, automotive industry is focusing on producing electric vehicles, food and retail industry are looking for substitutes for plastics used for packaging the products, wind energy is used to produce electricity. Also, by using agricultural products like grass, crops, various scientist are researching to converts these products into biofuels.

According to the U.S. Department of Energy, “The clean energy industry generates hundreds of billions in economic activity, and is expected to continue to grow rapidly in the coming years. There is tremendous economic opportunity for the countries that invent, manufacture and export clean energy technologies.”

Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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